One of the oldest companies in the United States went bankrupt. For 202 years, the brand has been dressing the American elite. Today, the company's debt has reached half a billion dollars.
Brooks Brothers, one of the oldest men's clothing brands in the United States, has begun bankruptcy proceedings. The Delaware court received an application for protection from creditors, writes The Wall Street Journal.
Brooks Brothers were founded in 1818 as a family business. All these years, the iconic company has been dressing the American elite-politicians, Hollywood stars, big businessmen, and athletes. Her clients were US presidents Abraham Lincoln, Theodore Roosevelt, Franklin Roosevelt, John F. Kennedy, Richard Nixon, Gerald Ford, George H. W. Bush, Bill Clinton, and Barack Obama.
Brooks Brothers' costumes were often seen in movies-they were worn by Ben Affleck, Will Smith, Denzel Washington, George Clooney.
The company started experiencing serious financial difficulties during the coronavirus pandemic. During the quarantine, demand for Brooks Brothers products collapsed.
Today, the business's debts amount to $500 million.
Brooks Brothers employ about four thousand people.
As previously reported, Cirque du Soleil is on the verge of bankruptcy due to COVID-19.