Brooks Brothers, one of America's oldest apparel retailers, filed for Chapter 11 bankruptcy, joining a list of decades-old American retailers that have crumbled under the impact of the coronavirus crisis
The 200-year old apparel retailer, the first to tailor the button-down Polo shirt in 1986, said its strategic review process was still underway and the bankruptcy filing would help it obtain additional financing to facilitate the sale.
Owned by Italian billionaire Claudio Del Vecchio, the privately held company boasts of having dressed 40 former U.S. presidents including John F. Kennedy and Barack Obama and has about 500 stores around the world, most of which had to be closed due to coronavirus-led restrictions. “The current pandemic has accelerated the challenges that the industry and our business have faced for some time,” the spokesperson said.
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