FORMAL DRESS BRAND WITH 200-YEAR HISTORY IS GOING BANKRUPT

According to the experts, the consequences of the pandemic will manifest themselves throughout 2020. It is too early to draw the final conclusions now.  

The companies periodically declare their plans to close the outlets, optimize business processes, or even go bankrupt.

Brooks Brothers, a formal suit manufacturer from the United States, was no exception. The company has existed for two centuries, having 200 stores in its home country and more than 500 stores all around the world.

Its suits were chosen by the American presidents and celebrities, making the retailer a kind of symbol of a business style.

The day before, it became known that Brooks Brothers filed for bankruptcy protection. Such a procedure is provided for by the US law. The management expects that there will be a buyer soon, otherwise the company will have to resort to the liquidation procedure.

It is worth noting that Brooks Brothers’ management had thoughts about serious changes before the pandemic which simply accelerated this process. According to the owner of the company, Claudio del Vecchio, retail has changed a lot lately, and his company has been in the process of adaptation to the new rules of the game for several years.