Brooks Brothers files for bankruptcy protection as it seeks buyer

Iconic American men’s outfitter Brooks Brothers filed for bankruptcy court protection from creditors on Wednesday 8 July, 2020, as it continues its search for a buyer amid the coronavirus pandemic.

It had already shut some of its stores, though its UK stores at 150 Regent Street and at Westfield remain open, and is preparing to close its US factories.

Established in 1818, and currently with some 500 stores globally – approximately half of which are in the US, Brooks Brothers is the pioneer of “preppy” style and was the first menswear company to offer ready-to-wear clothing. It had a number of iconic product firsts in its rich history, from its original seersucker, madras and button-down collar shirt styles to its non-iron shirt.

Tailoring was also traditionally a huge part of the business, but more recently it had looked to offer more casual and sportswear pieces as people continue to dress down and increasingly work from home.

Brooks Brothers was bought from Marks & Spencer – which owned the brand between 1988 and 2001 - by Italian businessman Claudio Del Vecchio in 2001.

As quoted on bbc.co.uk today, Vecchio said: "Industry headwinds were only intensified by the pandemic. Seeking protection to facilitate an efficient sale of the business is the best next step for the company to achieve its goals, over any other alternative.”

In a court filing, it is reported the company stated that it had both assets and liabilities between $500m and $1bn.