Brooks Brothers files for bankruptcy protection
Brooks Brothers has filed for Chapter 11 bankruptcy protection in the US following an earlier announcement that it will close 51 stores.
The 200 year-old businesswear retailer has been struggling throughout the Covid-19 pandemic due to more people working from home. It has also been impacted by a heavy debt load.
Brooks Brothers was battling against declining sales prior to the pandemic as customers increasingly turned to buying more smart casual clothing for work. Employing around 4,000 people, it operates around 500 stores across the world, half of which are in the US.
The retailer has also been seeking a buyer and will continue to keep the business up for sale while it restructures its debt.
Brookes Brothers is owned by Italian businessman Claudio Del Vecchio whose family founded the Luxottica eyewear brand.
