The famous American clothing company (Brooks Brothers) announced that it is facing bankruptcy, and requested protection from creditors after more than 200 years during which it was one of the pillars of the American retail sector; It equipped 40 of the 45 US presidents with the latest outfits in which he entered the White House.
According to Arabia Net, the company declared bankruptcy and requested protection from creditors under Chapter 11, to join a number of other companies that preceded it to collapse due to the Corona pandemic that caused the world The worst economic crisis in decades.
The collapse of Brooks Brothers comes after more than 202 years of working in the American markets, where the giant company specialized in men's clothing was founded in the year 1818, and the company’s main center is located in 1818. Madison Avenue, famous for the Manhattan area, in downtown New York.
American media said that Brooks Brothers has joined the collapse of dozens of retail companies that have declared bankruptcy one after another since the start of the closure caused by the Corona pandemic in a month. Last March.
The company’s spokesman, Arthur Wayne, said in statements published by the American media and seen by Al-Arabiya.net. Brooks Brothers submitted a voluntary request to protect from creditors under Chapter 11 in the bankruptcy court. American so that we can continue the sales process of the company while providing service to customers at the same time.
The company’s spokesman added that the Coruna epidemic has become largely devastating and has caused losses in our work.
The company said it looked forward to obtaining additional financing to help facilitate the sale, and the company also confirmed that its stores would remain open as normal during the restructuring process.
Brooks Brothers achieved sales in the past year of 2019 that exceeded 991 million USD, and it has more than four thousand employees distributed in its stores throughout the world. The United States of America, while the company's management had previously decided to close 51 of its stores, while it is currently working to return the remaining branches that had to close due to the Corona pandemic.
Brooks Brothers is known to specialize in selling stylish and luxurious suits that are worn by men, while cancellation of commercial and formal activities, social events and family gatherings may harm demand for products. Of high-end products sold by this company.
The company said in ...
