Brooks Brothers, the brand of famous shirts worn by the presidents of the United States, he said bankruptcy giving in to economic crisis caused by the Coronavirus.
Founded in 1818, Brooks Brothers in recent years has not been sailing in good waters due to the growing interest in consumers for a more casual and sporty style, and the shifting of sales to online channels.
The company, purchased in 2001 by the Italian industrialist Claudio Del Vecchio, after several attempts to relaunch, in early July 2020 presented appeal for the Chapter 11 restructuring procedure before the United States Bankruptcy Court.
Known for his shirts and his preppy clothesBrooks Brothers has been particularly hard hit by the economic crisis caused by the Coronavirus pandemic. The brand, which is the oldest active clothing brand in the United States, concurrent with bankruptcy, announced the closure of 51 stores about 250 in North America. Also, in early 2020, Brooks Brothers had announced the closure of the 3 factories in the United States, raising concern about the future of the brand and its “Made in America” identity.
Brooks Brothers has a unique link with American culture. He dressed all (except four) presidents of the United States and his coats were worn for the investitures of Abraham Lincoln, Barack Obama and Donald Trump, among others.
Brooks Brothers shirts and dresses were worn by stars like Clark Gable, Andy Warhol and Stephen Colbert. For decades, the brand has been synonymous with professional clothing for the American man, considered the Made in USA alternative to Italian and English tailoring.
According to the Times, Del Vecchio would have consulted a bank investment company in 2019 to “explore selling options” and before the pandemic a restructuring plan would be presented to a group of potential investors.
In the brand’s bankruptcy communication, Brooks Brothers said it wanted complete the sale within the next few months, underlining the importance of the fact that future ownership aligns with the brand’s fundamental values, heritage and ambitions.