Brooks Brothers files for bankruptcy protection

Brooks Brothers files for bankruptcy protection

The storied Manhattan clothier Brooks Brothers is submitting for chapter safety.

The corporate that claims it is put 40 U.S. presidents in its fits survived two world wars and navigated by way of informal Fridays and a loosening of gown requirements even on Wall Road, however the coronavirus pandemic pushed the 200-year-old firm into search Chapter 11 safety Wednesday.

One other famed males’s clothier, Barneys of New York, sought chapter safety final 12 months, and it was adopted by a slew of others toppled by the pandemic, together with Neiman Marcus, J.Crew and J.C. Penney.

Extra bankruptcies are anticipated within the retail sector.

The virus-induced recession has cratered spending in most sectors of the economic system and accelerated shifts in the place individuals store, largely to the advantage of on-line retailers like Amazon and eBay. On-line gross sales are up a large 31 per cent from a 12 months in the past.

Brooks Brothers was one of many few nationwide chains that produced its clothes within the U.S. In March, it shifted some manufacturing at crops in New York, North Carolina and Massachusetts to provide 150,000 masks per day for frontline healthworkers.

The New York firm was based in 1818, making it probably the oldest clothier within the U.S.

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