Brooks Brothers the Latest Retailer to Succumb to the Pandemic
After more than 200 years of dressing American office workers, prep-conscious North-Easterners and Presidents and celebrities alike, Brooks Brothers formally filed for bankruptcy protection on Wednesday – the latest retailer to succumb to the coronavirus pandemic and its impact on consumers’ shopping habits.
Brooks Brothers officially filed for bankruptcy protection in Wilmington, Del., on Wednesday, though the filing had been anticipated following a warning last month that the company was considering closing its three U.S. factories.
Brooks Brothers joins a list of U.S. retailers who have been forced to seek relief from debtors amid the coronavirus pandemic and shutdown that has not only kept consumers out of its brick-and-mortar stores but also re-shaped shopping habits - away from less-essential goods like clothing and even further away from business and formal attire amid stay-at-home orders.
Neiman Marcus, J.Crew, and J.C. Penney (JCP) - Get Report have also filed for bankruptcy protection since mid-March alongside other non-retail companies including Hertz Global Holdings (HTZ) - Get Report and Chesapeake Energy (CHK) - Get Report.
Founded in 1818, Brooks Brothers pioneered ready-made suits as well as the first button-down-collar shirt, an idea gleaned from the founder's grandson who noticed that English Polo players’ collars didn’t flap in the wind when they were riding because they were buttoned down.
Watch More Videos From TheStreet and Jim Cramer:
- Stocks Rise as Viruses Do the Same: What Wall Street's Saying
- Jim Cramer: I'll Eat Outside at a Restaurant, But Not Inside
- Uber Acquires Food Delivery Service Postmates for $2.65 Billion in Stock
- 10 Years Since Tesla's IPO: The Electric Vehicle Maker's Biggest Moments
- A Brief History of Trump's Relationship With the Stock Market
- Over 100 Years of Hot Dogs: A History of Nathan's Famous
- Jim Cramer: Why President Trump Needs to Wear Mask
- Jim Cramer: Macy's Needs Vaccine More Than Other Retailers
