Famed clothier Brooks Brothers files for bankruptcy

Famed clothier Brooks Brothers files for bankruptcy
Posted at 10:07 AM, Jul 08, 2020

NEW YORK (AP) — The storied New York clothier Brooks Brothers is filing for bankruptcy protection.

The company that says it’s put 40 U.S. presidents in its suits survived two world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday.

A spokesperson for the retailer told CNBC that the company has been evaluating strategic options to position them for success, including a potential sale of the business.

Another famed men’s clothier, Barneys of New York, sought bankruptcy protection last year, and it was followed by a slew of others toppled by the pandemic, including Neiman Marcus, J.Crew and J.C. Penney.

More bankruptcies are anticipated in the retail sector which has been rattled by the spread of COVID-19.