Another retailer has gone bust amid the COVID-19 pandemic.
Brooks Brothers, the business clothing chain which was founded in 1818, filed for bankruptcy protection on Wednesday, The Wall Street Journal reports. The company, which is closing about 50 locations, is looking for a buyer and "has secured a $75 million debtor-in-possession loan from WHP Global," the Journal says. This move comes after Neiman Marcus, J.Crew, and J.C. Penney previously filed for bankruptcy protection during the pandemic, CNBC notes.
A spokesperson told CNBC that Brooks Brothers has been "evaluating various strategic options to position the company for future success" and that "during this strategic review, COVID-19 became immensely disruptive and took a toll on our business." The Associated Press notes that Brooks Brothers was "one of the few national chains that produced its clothing in the U.S.," and The New York Times reports it's "the oldest apparel brand in continuous operation" in the country. Brendan Morrow