Brooks brothers, the two-centuries-old purveyor of united states business wear, is to file for bankruptcy protection in the us, getting modern venerable merchant forced within the advantage because of the coronavirus pandemic.
The newest york-based organization, recognized for its upmarket attire as soon as sported by everyone from abraham lincoln to john f kennedy, said it can apply for chapter 11 protection in delaware on wednesday.
Brooks brothers stated it had guaranteed $75m in financing to tide it through the bankruptcy whilst intends to get a hold of a purchaser and give a wide berth to liquidation.
The business was launched as a family group business in 1818 by henry sands brooks and it is headquartered on madison avenue in manhattan. it is now independently held by the italian businessman claudio del vecchio, whose daddy may be the creator associated with luxottica eyewear team.
Mr del vecchio took more than as president and leader of brooks brothers after purchasing the company from marks and spencer in 2001 for a fraction of just what the united kingdom retailer had covered it.
The organization, that has about 500 shops globally and uses 4,000 people, had been already carrying out a strategic review in the last year as it desired to modernise its brand. a collapse in product sales during the pandemic took much cost and it had already decided to shut about 50 shops.
We're looking for this security and selling business to make sure brooks brothers might survive and flourish, it said in a statement.