x
Breaking News
More () »

Famed clothier Brooks Brothers files for bankruptcy

The 200-year-old company Brooks Brothers, which claims it put 40 U.S. president in suits, is seeking Chapter 11 protection.
Credit: AP
FILE - This is a Sept. 11, 2001, file photo shows a man passing a Brooks Brothers store on Church St. in New York. The storied Manhattan fashion retailer Brooks Brothers is filing for bankruptcy protection. The company that says it's put 40 U.S. presidents in its suits survived a pair of world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday, July 8, 2020. (AP Photo/Mark Lennihan, File)

NEW YORK — The storied Manhattan clothier Brooks Brothers is filing for bankruptcy protection.

The company that says it's put 40 U.S. presidents in its suits survived two world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday.

Another famed men's clothier, Barneys of New York, sought bankruptcy protection last year, and it was followed by a slew of others toppled by the pandemic, including Neiman Marcus, J.Crew and J.C. Penney.

More bankruptcies are anticipated in the retail sector.

The virus-induced recession has cratered spending in most sectors of the economy and accelerated shifts in where people shop, mostly to the benefit of online retailers like Amazon and eBay. Online sales are up a sizable 31% from a year ago.

RELATED: Levi's to cut 700 office jobs due to coronavirus-related slump

RELATED: Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows

Credit: AP
FILE - This is a Sept. 11, 2001, file photo shows a man passing a Brooks Brothers store on Church St. in New York. The storied Manhattan fashion retailer Brooks Brothers is filing for bankruptcy protection. The company that says it's put 40 U.S. presidents in its suits survived a pair of world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday, July 8, 2020. (AP Photo/Mark Lennihan, File)

Brooks Brothers was one of the few national chains that produced its clothing in the U.S. In March, it shifted some production at plants in New York, North Carolina and Massachusetts to produce 150,000 masks per day for frontline healthworkers.

The New York company was founded in 1818, making it possibly the oldest clothier in the U.S.

RELATED: Lucky Brand files for bankruptcy, reveals list of initial store closings

RELATED: Chuck E. Cheese parent company files for bankruptcy

RELATED: GNC files for bankruptcy, plans to close up to 1,200 stores

RELATED: The Children's Place to close 300 stores

Before You Leave, Check This Out