The Hamilton Spectator

Brooks Brothers files for bankruptcy

-

NEW YORK—Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, filed for bankruptcy protection Wednesday, the latest major clothing seller to be toppled by the coronaviru­s pandemic.

Founded in New York in 1818, Brooks Brothers survived two world wars, the Great Depression and even managed to stay afloat as dress standards eased in the office. But the pandemic pushed it into Chapter 11 bankruptcy protection with so many stores closed and, with millions working from home, a crisp suit pushed to the very bottom of shopping lists.

Brooks Brothers will permanentl­y close more than a quarter of its 200 stores.

The retail sector was under severe pressure even before the pandemic. Rival Barneys New York filed for bankruptcy protection late last year. Since COVID-19 began to spread in the U.S, J. Crew, Neiman Marcus, J.C. Penney and other national retail chains have followed suit.

Brooks Brothers said Wednesday that it will continue operations as it restructur­es and is looking to reopen some shops. The company employed 4,000 people in March, before it furloughed about a third of its workers.

Jonathan Pasternak, a bankruptcy lawyer at Davidoff Hutcher & Citron, said that even before the pandemic, Brooks Brothers’ store expansion and the cost of making clothes in the U.S. had created a financial burden, but he does not believe the company will disappear.

“The good thing about Brooks Brothers: It’s a very strong brand,” he said.

The company has a storied history, dressing at least 40 American presidents, including Abraham Lincoln, who was wearing a Brooks Brothers coat when he was assassinat­ed in 1865. Brooks Brothers’ two button suits were a favourite of President John F. Kennedy.

Newspapers in English

Newspapers from Canada