Brooks Brothers succumbed to its debts amid the coronavirus crisis and filed for bankruptcy.
Brooks Brothers succumbed to its debts amid the coronavirus crisis and filed for bankruptcy in Delaware this morning. The filing was not a surprise — WWD reported Tuesday that it was coming shortly. Brooks Brothers entered the process with $75 million in debtor-in-possession financing obtained from WHP Global, the newly formed brand management firm headed by Yehuda Shmidman that is among the parties interested in acquiring the business.
In addition to WHP Global, sources have said that Authentic Brands Group in partnership with Simon Property Group and Brookfield Property Partners is also interested in acquiring the business. “For over 200 years, Brooks Brothers has remained resilient, navigating evolving fashion trends, fluctuating economic cycles, and even world wars,” said Claudio Del Vecchio, chairman and chief executive officer of Brooks Brothers. “Our long history is a testament to the strength of our brand and our mission since 1818: serving customers through innovation, fine quality, personal service, and exceptional value.
He added: “Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture. Prior to COVID-19, we were already conducting an evaluation of various strategic options to position the company for future success in a rapidly transforming retail environment, including a potential sale of the business. Industry headwinds were only intensified by the pandemic.
With the filing, Brooks Brothers joins a host of other companies — including Neiman Marcus Group and J. Crew Group — that found themselves heavily indebted and without enough to reinvent their businesses in the midst of the pandemic.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Brooks Brothers, Hurt by Casual Fridays and Coronavirus, Files for BankruptcyBrooks Brothers, which dressed the American business class in pinstripes for more than 200 years, survived two world wars and the shift to casual dressing. But it was no match for the coronavirus pandemic.
Lire la suite »
Iconic American suit maker Brooks Brothers files for bankruptcy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Lire la suite »
Brooks Brothers Bids Coming in Before Imminent Chapter 11 FilingABG and WHP Global are seen as the front-runners in stalking-horse bids for the retail chain.
Lire la suite »
'Unsolved Mysteries' Getting Lots of Hot New Tips, Alonzo Brooks Case Could Crack'Unsolved Mysteries' might very well become solved soon enough.
Lire la suite »