Brooks Brothers was founded 100 years before the Spanish flu killed millions, but the prestigious clothing retailers survived that crisis, just as it survived the Great Depression. Covid-19, however, proved too much for the company however, as it filed for Chapter 11 bankruptcy court protection from its creditors on Wednesday. It did so in order to be able to continue to look for a buyer who can see the potential of a brand that virtually patented the office casual look. A spokesman for the company said evasively that the company’s leadership and legal advisors had been “evaluating various strategic options to position the company for future success, including a potential sale of the business.” The Covid-19 crisis interrupted these plans, the spokesman said. Translated into business English, this suggests the retailer was already on the ropes at the end of 2019 and that the eruption of the pandemic simply dealt the knock-out blow. The company managed to secure $75 million in financing from the brand management company WHP Global, which is connected to Oaktree Capital and BlackRock. Its manufacturing work in Massachusetts, North Carolina in New York will end as of August 15 as it joins the list of famous retailers felled by a tiny virus.
