Brooks Brothers Files for Bankruptcy

The Wall Street Journal is reporting that the 202-year-old men’s clothing company Brooks Brothers -- which had expanded into women's wear -- has filed for bankruptcy.

“Brooks Brothers, which dressed the American business class in pinstripes for more than 200 years, survived two world wars and the shift to casual dressing. But it was no match for the coronavirus pandemic. The closely held company, which is owned by Italian businessman Claudio Del Vecchio, filed for bankruptcy protection in Wilmington, Del., on Wednesday. One of the few brands to make clothes domestically, it warned in June that it could close its three U.S. factories. It operates roughly 250 North America stores,” reports the WSJ.

The chain has stores at the Providence Place Mall, T.F. Grren Airport, and in Newport.

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“Brooks Brothers joins a parade of U.S. retailers seeking relief in bankruptcy court since March, including Neiman Marcus Group Inc., J.Crew Group Inc. and J.C. Penney Co. Economic fallout from Covid-19 has also pushed high-profile companies in other industries into bankruptcy, including Hertz Global Holdings Inc. and Chesapeake Energy Corp. Brooks Brothers was facing challenges before the health crisis forced nonessential retailers to temporarily close their stores. U.S. corporations had turned increasingly casual, and fewer men were buying suits. Once people started sheltering at home, they turned to even more casual attire such as sweatpants,” added the WSJ.

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