Brooks Brothers seeks buyer as it files for bankruptcy protection

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Brooks Brothers covid-19 bankruptcy
The company, which was founded in 1818, operates about 500 stores globally
// Brooks Brothers files for bankruptcy protection amid coronavirus pandemic
// The suits retailer had already shut some stores and prepared to close US factories

Brooks Brothers has become the latest US retailer to file for bankruptcy protection during the Covid-19 pandemic.

The menswear retailer sought court protection from creditors on Wednesday as it seeks a new buyer.

Brooks Brothers, which is known for its suits, had already shut some stores and prepared to close its US factories.


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The company, which was founded in 1818, operates about 500 stores globally, roughly half of which are in the US, and employs more than 4000 people.

Since 2001, it has been owned by Italian businessman Claudio Del Vecchio.

The sale of the business was being explored as a possibility before the pandemic struck, and it expected to complete the process in the next few months.

In a court filing, the company stated that it had both assets and liabilities between $500 million and $1 billion.

In addition, Brooks Brothers had already said it would close 51 stores in the US.

In May, fellow US fashion chain J Crew became the first major US retailer to file for bankruptcy protection since the coronavirus pandemic struck the country.

Brooks Brothers said at the time that it has approximately $600 million (£475 million) in debt, and many of its close to 250 US-based stores had already been struggling before the onset of the pandemic.

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