Bookers Brothers, a well-known American clothing brand, filed for bankruptcy protection on the 8th, becoming another time-honored American brand that fell during the COVID-19 epidemic.
Brooks Brothers was founded in 1818. It claims to have been worn by 40 U.S. presidents and “countless” investment bankers. However, this 200-year-old company is facing increasing cost pressures such as rent, and sales have also been hit hard by the new crown epidemic.
A spokesman for Brooks Brothers said: “Over the past year, Brooks Brothers’ board of directors, management and financial legal advisors have been searching for various options for the future of the company. “There are many strategic options, including selling the company.”
The spokesperson said that during this process, the new crown epidemic hit, making operations even worse. “We are looking for the right buyer to take the historic Brooks Brothers brand into the future.”
The US Consumer News and Business Channel (CNBC) reported that potential buyers are interested in the acquisition, including the American Authentic Brand Group. However, the brand management company hopes to make purchases after the number of Brooks Brothers stores has been “downsized”.
Brooks Brothers has more than 500 stores around the world and employs more than 4,000 people.
CNBC reported that in early April this year, Brooks Brothers began to evaluate which of its approximately 250 stores in North America should be closed. After considering the new crown epidemic, Brooks Brothers decided to close 51 stores. Most of these stores have already begun closing. Brooks Brothers has moved inventory from these stores to distribution centers and is reopening stores that were closed due to the coronavirus pandemic.
Brooks Brothers had sales of more than $991 million last year, about 20% of which came from online sales. The brand has retail deals with Macy’s and Nordstrom and provides uniforms to companies including United Airlines and NetJet.
Brooks Brothers’ factories in Massachusetts, North Carolina and New York will cease production before August 15. These factories produce suits, ties and shirts. Approximately 7% of Brooks Brothers’ products come from these factories.
Brooks Brothers is another established company in the United States that has been defeated by the epidemic. Neiman Marcus, J.Crew Apparel Group and J.C. Penney have filed for bankruptcy protection in the past few months. </p
