Brooks Brothers, the unofficial outfitter of Wall Street Bankers, had been struggling as business attire grew more casual in recent years. But the coronavirus pandemic, which sent demands for suits plummeting, decimated the privately held company.
The pandemic may have severely eroded the business, but Brooks Brothers has failed to adapt to changing trends, experts say.
The high-end retailer filed for Chapter 11 early today in a Delaware Court. It had said in June, it would lay off nearly 700 workers in three states and is seeking a buyer.
The company had been evaluating various options but has struggled to find a buyer. The retailer is in the process of closing 20% of its 250 US stores and they have secured $75 million in financing to continue operation.
Brooks Brothers opened in 1818 near Wall Street. Because clients couldn’t always wait for a tailor, they began making ready-made suits. The retailer invented the original button-down polo shirt in 1896.
Brooks Brothers is one of the last major retailers to make all its products in the United States.
Brooks Brothers dressed almost every president from Lincoln (who was wearing a custom BB jacket the night he died) to Trump.
