A 200-year-old American apparel company known for dressing the rich and famous filed Chapter 11 bankruptcy this week after announcing plans to close 51 stores.
New York-based Brooks Brothers filed for bankruptcy protection to facilitate a “value-maximizing sale” of the business to ensure the iconic brand can serve customers for years to come, according to a company news release.
Founded in 1818, the Brooks Brothers claims loyal customers in presidents Abraham Lincoln and John F. Kennedy, and popular 1930s and 1940s actor Clark Gable.
The company is another victim of the economic downturn brought on by the COVID-19 coronavirus pandemic, according to the release.
Although the company was already evaluating strategies to position itself for success in a changing retail environment, the pandemic intensified “industry headwinds,” said Claudio Del Vecchio, chairman and CEO.
“Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture,” he said.
Bankruptcy protection was determined as the best way to facilitate an “efficient sale,” Del Vecchio said.
The plan is to sell the company through a competitive auction process to be completed in the next few months.
Brooks Brothers plans to continue normal operations throughout the bankruptcy and sale. The company has 200 stores in North America, and 500 worldwide in 45 countries.
Prior to filing bankruptcy, the company announced it would permanently close 51 of its stores in the United States due losses caused by the pandemic. Those stores have closed or are in the process of closing. The company is looking to reopen its stores are that are temporarily closed due to the pandemic.
“For over 200 years, Brooks Brothers has remained resilient, navigating evolving fashion trends, fluctuating economic cycles, and even world wars,” Del Vecchio said. “Our long history is a testament to the strength of our brand and our mission since 1818: serving customers through innovation, fine quality, personal service and exceptional value.”
Find Brooks Brothers locations here.
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