Brooks Brothers, the iconic apparel maker founded in 1818 and known for its suits, filed for Chapter 11 bankruptcy on Wednesday.
It said it had secured $75 million in debtor-in-possession financing to aid in its restructuring while it seeks a buyer.
The coronavirus pandemic and associated store closures hurt Brooks Brothers’ sales, but according to The New York Times, the retailer was considering restructuring even before the virus hit.
Before filing for bankruptcy, Brooks Brothers made the decision to close 51 stores due to the coronavirus pandemic, a company spokesperson said. Some of these locations have already permanently shuttered, while others are in the process of closing.
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Source: Business Insider