{"id":157965,"date":"2020-07-13T00:01:10","date_gmt":"2020-07-13T06:01:10","guid":{"rendered":"https:\/\/www.heddels.com\/?p=157965"},"modified":"2020-07-12T12:39:22","modified_gmt":"2020-07-12T18:39:22","slug":"brooks-brothers-declares-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.heddels.com\/2020\/07\/brooks-brothers-declares-bankruptcy\/","title":{"rendered":"Brooks Brothers Declares Bankruptcy for First Time in 202 Year History"},"content":{"rendered":"<p>If you&#8217;ve kept up with our pandemic coverage, it may not seem much of a surprise that storied retailer,\u00a0<a href=\"\/tag\/Brooks-Brothers\"><strong>Brooks Brothers<\/strong><\/a>, is filing for Chapter 11 bankruptcy. In late May, the company announced plans to <a href=\"https:\/\/www.heddels.com\/2020\/05\/a-brooks-brothers-without-american-manufacturing\/\">close their three remaining American factories<\/a>\u00a0and rumors of a failed attempt to sell the company in a private sale were circulated by\u00a0<em>Bloomberg<\/em>.<\/p>\n<p>But what does the future look like for the brand was founded in 1818 and has dressed all but four U.S. presidents? How will things proceed?<\/p><div class=\"related_posts evergreen_funnels\"><h3>Like this? Read these:<\/h3><div class=\"flex space-x-4\"><div class=\"related_post w-1\/2\"><a href=\"https:\/\/www.heddels.com\/2021\/02\/naqps-denim-repair-fundraiser-back\/\"><img width=\"360\" height=\"225\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2020\/06\/naqp-reopens-its-denim-repair-service-to-raise-funds-for-social-justice-non-profits-360x225.jpg\" class=\"left wp-post-image\" alt=\"NAQP-Reopens-Its-Denim-Repair-Service-To-Raise-Funds-For-Social-Justice-Non-Profits\" decoding=\"async\" loading=\"lazy\" \/><noscript><img width=\"360\" height=\"225\" src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2020\/06\/naqp-reopens-its-denim-repair-service-to-raise-funds-for-social-justice-non-profits-360x225.jpg\" class=\"left wp-post-image\" alt=\"NAQP-Reopens-Its-Denim-Repair-Service-To-Raise-Funds-For-Social-Justice-Non-Profits\" decoding=\"async\" loading=\"lazy\" \/><\/noscript><h4>NAQP&#8217;s Denim repair Fundraiser Is Back To Support Food Equity In Calgary<\/h4><\/a><\/div><div class=\"related_post w-1\/2\"><a href=\"https:\/\/www.heddels.com\/2022\/08\/iron-heart-discounted-pretty-much-everything-end-summer-sale\/\"><img width=\"360\" height=\"225\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2022\/08\/my-project-2-1-360x225.png\" class=\"left wp-post-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" \/><noscript><img width=\"360\" height=\"225\" src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2022\/08\/my-project-2-1-360x225.png\" class=\"left wp-post-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" \/><\/noscript><h4>Iron Heart Discounted Pretty Much Everything In Its End Of Summer Sale<\/h4><\/a><\/div><\/div><\/div>\n<h2>Chapter 11<\/h2>\n<div id=\"attachment_158069\" style=\"width: 910px\" class=\"wp-caption alignnone\"><img aria-describedby=\"caption-attachment-158069\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-158069 size-full\" src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2020\/07\/brooks-brothers-store-window-bnw.jpg\" alt=\"\" width=\"900\" height=\"679\" \/><p id=\"caption-attachment-158069\" class=\"wp-caption-text\">Image via The Daily Herald.<\/p><\/div>\n<p>The Covid-19 pandemic thwarted ongoing attempts to sell off the company, a sale that had begun in 2019. While substantial, Brooks Brothers&#8217; debt burden ($600 million) is considerably lower than many other major American retailers that have filed for bankruptcy in the past few months (<a href=\"https:\/\/www.heddels.com\/2020\/05\/another-one-bites-the-dust-j-crew-files-for-bankruptcy\/\">J.Crew at $3 billion<\/a> and <a href=\"https:\/\/www.heddels.com\/2020\/05\/j-c-penneys-long-slow-decline\/\">J.C. Penney at $8 billion<\/a>).<\/p>\n<p>Added to which, the company isn&#8217;t owned by private equity (yet).<\/p>\n<p>Regardless of how bankruptcy proceedings unfold, Brooks Brothers will be scaling down significantly. Of their 250 stores in North America, 51 will be permanently closed, likely as to make for a less cumbersome, more palatable sale.<\/p>\n<p>In order to further streamline, Brooks Bros. announced the closure of their three last American factories, which will close their doors permanently on August 15. Though the thought of this great American stalwart ending their domestic manufacturing was shocking, <em>CNBC\u00a0<\/em>reports that a measly 7% of the brand&#8217;s total product had been made in the U.S.<\/p>\n<p>Those last few factories were more about PR and appeasing a small segment of their clientele than actual domestic production.<\/p>\n<p>Brooks Brothers obtained a $75 million debtor-in-possession loan to see them through their bankruptcy proceedings, which comes along with a $20 million loan they&#8217;d received back in May. Italian millionaire owner, Claudio Del Vecchio, stated, &#8220;Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy.\u201d<\/p>\n<h2>The Future<\/h2>\n<div id=\"attachment_158035\" style=\"width: 1055px\" class=\"wp-caption alignnone\"><img aria-describedby=\"caption-attachment-158035\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-158035\" src=\"https:\/\/www.heddels.com\/wp-content\/uploads\/2020\/07\/brooks-brothers-declares-bankruptcy-brooks-brothers-spring-2020-lookbook-image-via-esquire.jpg\" alt=\"Brooks-Brothers-Declares-Bankruptcy-Brooks-Brothers-Spring-2020-lookbook.-Image-via-Esquire.\" width=\"1045\" height=\"699\" \/><p id=\"caption-attachment-158035\" class=\"wp-caption-text\">Brooks Brothers Spring 2020 lookbook. Image via Esquire.<\/p><\/div>\n<p>Though Brooks Brothers had struggled to secure a buyer in their private sale, it seems likely that\u00a0<em>someone<\/em> will buy the famous American brand. In comparison with other brands with exorbitant debt loads and huge private equity buyouts, Brooks Brothers may seem a rather tempting purchase.<\/p>\n<p>What remains to be seen, however; is just how Brooks Brothers will adapt to a changing world. A world where workplace dress codes are rarely enforced and a world, which in many places, doesn&#8217;t even allow for workplaces to be open at all!<\/p>\n<p>If critics could accuse J. Crew, a fairly humble mall brand, for being out of touch; imagine what they&#8217;d say about the above lookbook. Hovering somewhere in the stratosphere of semi-formal Americana, Brooks Brothers has never felt particularly approachable, nor do I know anyone in my L.A. circle that has any knowledge of the blue-blood East Coast brand.<\/p>\n<p>For over a century, BB set the benchmark for workplace sophistication, but now, when Casual Friday has become a weeklong affair, it&#8217;s hard to see what lane Brooks will pursue to remain relevant and viable.<\/p>\n<p>In a perfect world, the new Brooks leadership might dig into the archives and bring us reproductions of their iconic classics, ideally made here in the U.S., but chances of this feel remote.<\/p>\n<p>Whoever the new owner may be, they&#8217;ll likely continue the brand&#8217;s dalliance with fast fashion, lowered quality, and outsourced labor.\u00a0It feels likely that Brooks Brothers will remain on the American fashion landscape, but in what form, only time will tell.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve kept up with our pandemic coverage, it may not seem much of a surprise that storied retailer,\u00a0Brooks Brothers,&#8230;<\/p>\n","protected":false},"author":378,"featured_media":158033,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4938],"tags":[39105,15803,37399,1253],"acf":{"published_feed_date":"2020-07-13 00:01:10"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v21.8) - 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