Brooks Brothers files for bankruptcy

Polish your wardrobe with Brooks Brothers shirts, suits and more ...

Brooks Brothers has filed for bankruptcy protection and announced it would close 50 of its more than 500 stores due to the coronavirus crisis.

The company, which was founded in 1818, also said it would halt manufacturing of its clothing in three U.S. factories in August.

Brooks Brothers is looking for a buyer and has “secured a $75 million debtor-in-possession loan from WHP Global,” The Wall Street Journal reported on Wednesday.

A spokesperson said that the company has been “evaluating various strategic options to position the company for future success” and that “during this strategic review, COVID-19 became immensely disruptive and took a toll on our business.”

Neiman Marcus, J.Crew, and J.C. Penney previously filed for bankruptcy protections during the pandemic.

Read More
%d bloggers like this: