Brooks Brothers dressed the American enterprise class in pinstripes for greater than 200 years, survived two world wars and the shift to informal dressing. However it was no match for the coronavirus pandemic.
The carefully held firm, which is owned by Italian businessman Claudio Del Vecchio, filed for chapter safety in Wilmington, Del., on Wednesday. One of many few manufacturers to make garments domestically, it plans to halt manufacturing at its three U.S. factories on Aug. 15 and can use the chapter course of to seek for a brand new proprietor.
Brooks Brothers joins a parade of U.S. retailers looking for relief in bankruptcy court since March, together with Neiman Marcus Group Inc., J.Crew Group Inc. and J.C. Penney Co. Financial fallout from Covid-19 has additionally pushed high-profile corporations in other industries out of business, together with Hertz Global Holdings Inc. and Chesapeake Energy Corp.
Mr. Del Vecchio blamed the pandemic for the corporate’s present troubles, saying in an interview on Wednesday that quickly closing shops through the lockdowns tremendously lowered income, but the corporate nonetheless met its contractual obligations to employees, suppliers and different distributors. He stated he wished that the federal government had supplied a lifeline to bigger retailers the best way it did to small companies.
“By way of each period, we had challenges, however we have been assured we might be capable of handle by them,” he stated. “Retailing has been altering rather a lot within the final 4 to 5 years, and we have been within the strategy of adapting to that new surroundings. When coronavirus got here, there was actually no solution to maintain issues.”