Iconic menswear brand Brooks Brothers files for bankruptcy
Brooks Brothers has filed for bankruptcy today after suffering major losses during the COVID-19 pandemic.
The iconic men's clothier was founded in New York in 1818. It has more than 500 stores worldwide and employs 4,025 people.
But today the company announced that it has filed for Chapter 11 bankruptcy court protection from creditors, as it continues to search for a buyer.
“Over the past year, Brooks Brothers’ board, leadership team, and financial and legal advisors have been evaluating various strategic options to position the company for future success, including a potential sale of the business,” said a spokesperson for the retailer in a statement announcing the news.
During this strategic review, Covid-19 became "immensely disruptive" and took a toll on the 202-year-old business.
The spokesperson continued: "We are in the process of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future. It is critical that any potential buyer aligns with our core values, culture, and ambitions."
The luxury men's brand has already has already decided to close about 51 stores due to the impact of the pandemic.
Further details on the sale process will be made available in the coming days.
The news comes following bankruptcy announcements from a string of retailers, including Aldo, Frank and Oak and J.Crew, who were also hit by major losses during the COVID-19 pandemic.
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