Brooks Brothers (New York) has filed for Chapter 11 bankruptcy court protection, CNBC reports. The brand currently has 500 locations worldwide, more than 200 stores in North America, and employs 4025 people.
“Over the past year, Brooks Brothers’ board, leadership team, and financial and legal advisors have been evaluating various strategic options to position the company for future success, including a potential sale of the business … During this strategic review, COVID-19 became immensely disruptive and took a toll on our business,” a Brooks Brothers spokesperson said.
In April, the company decided to close about 51 of its North American stores and that process has already begun. They will soon be reopening the majority of stores that were temporarily closed due to the COVID-19 pandemic.