Luxury apparel retailer Brooks Brothers is the latest big name to file for Chapter 11 bankruptcy protection, with its store at Stamford Town Center among those set to close.
The Stamford mall store has been in business for 38 years, while the company itself has been around since 1818.
The privately held company, whose sales had been flagging as “business casual” became more commonplace, has also been hit hard by the COVID-19 pandemic. It reportedly has been seeking a buyer for about a year. According to the bankruptcy filing, it has secured $75 million in financing to continue operations as it still pursues being acquired.
Since April, Brooks Brothers has been closing a number of its 250 stores in the U.S., totaling about 50, although some of those are expected to reopen in accordance with various states”™ protocols. It has more than 500 stores worldwide and employs 4,025 people.
“We are in the process of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future,” a spokesperson told CNBC. “It is critical that any potential buyer aligns with our core values, culture, and ambitions. Further details on the sale process will be made available in the coming days.”
Brooks Brothers joins such names as Neiman Marcus, J.Crew, J.C. Penney, and Chuck E. Cheese to file for bankruptcy over the past few months.
