After weeks of worry and declining numbers, menswear retailer Brooks Brothers filed for Chapter 11 Bankruptcy in Delaware. The company cited the coronavirus pandemic as the primary cause, as the shift to working from home has cut into the demand for suits and business attire.
According to the bankruptcy filing, the company has secured $75 million in financing to continue operations. The company’s leadership is still evaluating options for how to move forward.
Brooks Brothers is vertically integrated, distinguishing it from other retailers who have filed for bankruptcy over the past several months. The company is also over 200 years old.
