After 200 years, Brooks Brothers files for bankruptcy

Date:

Share post:

The 200-year-old menswear retailer, Brooks Brothers, has filed for bankruptcy.

Retail experts cited in addition to the pandemic, a failure to change trends to decisively adapt to a more casual wear in recent years.

A complete sale of the company is expected to be processed in a few months, a representative told CNN Business.  So far, Brooks Brothers has already secured $75 million to continue operations.  The company announced it would lay off almost 700 workers last month and is expected to close up to 50 of its stores, nationwide.

Neiman Marcus, J.Crew, Lucky Brand, G.N.C, and J.C. Penney are just a few other names in retail that have all filed for bankruptcy in recent months.

Brooks Brothers opened its first store on Wall Street in 1818.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related articles

Cedar Lake, IN – Six Injured, Three Hospitalized in Evening Traffic Crash

Cedar Lake, IN - Cedar Lake became the scene of a traffic collision at the busy intersection of...

Wisconsin Tragedy: Driver Killed in Crash Following Cow Escape in Kenosha County

Kenosha County, WI - A Wisconsin driver, identified as 25-year-old Michael Alayan Forero, tragically lost his life early...

Will County, IL – Wilmington Grandmother, Granddaughter Killed in Kankakee County Crash

Wilmington, IL - A devastating accident in Kankakee County claimed the lives of a grandmother and her granddaughter...

Indiana Expressway Shooting: I-65 Shut Down for Three Hours as Truck Driver Shot, Halting Traffic

Rensselaer, IN - An interstate shooting on I-65 in Indiana resulted in a truck driver sustaining life-threatening injuries...