Brooks Brothers files for bankruptcy

Legendary retailer Brooks Brothers, which dates to 1818 and has dressed all but four U.S. Presidents, filed for bankruptcy protection today. The company is battling both covid-related declines in shopping and a shift to more casual attire that is accelerating as workers head to the office less.

Brooks Brothers’ filing is notable as it is one of the few large retailers with significant manufacturing in the United States. Last month, the company announced layoffs and posted for-sale signs at its three domestic factories, a response to slower sales during the pandemic.

According to the Wall Street Journal, Brooks Brothers plans to use the bankrupty process to find a buyer. A sale would continue the company’s interesting time capsule of apparel industry consolidation and trends. Its rich domestic history notwithstanding, Brooks Brothers hasn’t been an American-owned company since 1988, when the holding company Allied Stores sold the brand to British retailer Marks & Spencer. For the past 19 years the Brooks Brothers Group has been owned by Claudio del Vecchio, part of the family behind global eyewear powerhouse Luxottica.

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