Brooks Brothers Files For Bankruptcy After 200 Years in Business
With many people home more than ever, there are side effects besides extra family time. For example, if you used to wear business attire at the office but now you’re working from home, you have probably changed your spending habits. You don’t need those button down shirts and suits anymore. You might’ve started buying loungewear instead, or maybe you’re not buying clothing at all and wearing your pjs every day. We won’t judge.
While many stores had to shut their doors back in March, many stores have been able to reopen. Being open may not be enough. There is a growing list of retailers who have recently declared bankruptcy and included the pandemic as one of the reasons they are struggling.
Brooks Brothers is the latest in this list of retailers to declare bankruptcy. The company is over 200 years old and dressed presidents including Abraham Lincoln. Currently it has about 250 locations in the United States and another 250 locations internationally.
Declaring bankruptcy does not necessarily mean that it’s the end for Brooks Brothers. The retailer is searching for someone to buy the company while trying to pay off its debts. According to court papers, when the company filed for Chapter 11 Bankruptcy, it listed $500 million in both assets and liabilities.
Watch the video below for more details about why Brooks Brothers is struggling during the pandemic and to hear about a few other retailers that have filed for bankruptcy as well.
Have you changed your shopping habits during the pandemic? Do you think Brooks Brothers will find a way to survive?