96.7 F
Fort Worth
Sunday, August 9, 2020

Famed clothier Brooks Brothers files for bankruptcy

Other News

Pier 1 brand to remain alive online

Fort Worth-based Pier 1 Imports is coming to the end of its life as a brick-and-mortar retail business, but a pair of...

Longtime Fort Worth boutique closing its doors

Earth Bones Boutique & Gift Store as well as a companion store, Retro Cowboy in Sundance Square either have closed or will...

Walgreens CEO Pessina to step down, become executive chair

By TOM MURPHY AP Health WriterWalgreens' Stefano Pessina will step down as CEO and become executive chairman once the drugstore chain finds...

Target joins Walmart in ending Thanksgiving store shopping

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Target is joining Walmart in closing its stores on Thanksgiving Day, ending a...

By JOSEPH PISANI and MATT OTT AP Business Writers

NEW YORK (AP) — 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.

The virus has hollowed out spending in many places and the accelerated the shift to online shopping, mostly to the benefit of big retailers like Walmart, Target and Amazon.com. Stores have begun to open in some parts of the country, but millions of people are still hunkered down at home. There are regions in the U.S. that are now getting hit with a wave of infections and some companies like Apple are shutting down stores again in those areas.

Brooks Brothers said Wednesday that it will continue operations as it restructures and is looking to reopen shops that are not being closed permanently. 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 favorite of President John F. Kennedy.

But its cultural influence has been broad.

Clark Cable wore Brooks Brothers and Jennifer Aniston appeared on the cover of GQ magazine wearing nothing but a red, white and blue Brooks Brothers tie.

___

Ott reported from Silver Spring, Maryland.

- Advertisement -
- Advertisement -

Latest News

U.S. Chamber calls on congress to act on pandemic relief

U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley on Saturday, Aug. 8 issued the following statement on executive orders...

Dallas company part of Aug. 10 IPO slate

Initial public offerings scheduled to debut next weekNEW YORK (AP) — The following is a list of initial public offerings planned for...

AllianceTexas virtual job fair set for Wednesday, Aug. 12

Workforce Solutions for Tarrant County, Workforce Solutions for North Central Texas and Hillwood, developer of the 27,000-acre master-planned, mixed-use development, AllianceTexas, invite job...

Fort Worth firm enters California market

Fort Worth-based Higginbotham has added California to its footprint. Higginbotham, one of the largest independent insurance firms in the...

Sabre: 2Q Earnings Snapshot

SOUTHLAKE, Texas (AP) _ Sabre Corp. (SABR) on Friday reported a second-quarter loss of $444.1 million, after reporting a profit in the...