Business An American clothing brand with a 200-year tradition has...

An American clothing brand with a 200-year tradition has filed for bankruptcy

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It was a favorite brand sewing suits for US presidents, financial tycoons and everyone who accepted the principle that robes, however, prove human status. After 200 years of existence, the well-deserved Brooks Brothers brand may cease to exist. The company managing it filed for bankruptcy

The coronavirus is not to blame for such a bad business situation, though it has undoubtedly hastened the decision to shut down. The NY Times notes that it was primarily the change in customer needs that was at fault. There are fewer and fewer occasions that require an expensive first-class suit, and the dress code increasingly allows less formal clothing, “reports the New York Times.

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Brook Brothers designers seemed to ignore signals from the market to them and continued to design as in the 1950s, when even the employees of the smallest bank in a provincial city had to wear suits.

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Even before filing for bankruptcy, Brook Brothers, the oldest American fashion brand that operates continuously, said it would close 51 of approximately 250 stores in North America. At the beginning of the year, a decision was also made to close three factories in the USA. One of them – in Haverhill – is currently under dispute because the trade unions claim that the company is refusing to pay severance pay to employees.

If we were to see the gallery of famous Brooks Brothers customers, we would really have a history of great politics in the USA. The company dressed all US presidents (except four), and Abraham Lincoln, Barack Obama and Donald J. Trump put on suits with the Brook Brothers tag for their inauguration. Anyway, they were valued not only by politicians, but also by artists, even as out of the ordinary as Andy Warhol. Even the male style icon, Clark Gable, appeared in one of the company’s stores. Ralph Lauren began his adventure with great fashion as a salesman at Brooks Brothers in New York.

On Friday, the company announced that two potential buyers expressed interest in purchasing the brand. So all is not lost yet. The 200-year history of fashion with the label “Made in USA” does not have to end in 2020.

27 min ago

revolverSend minister Sasin, join the energy company and play the guitar.

28 min ago

jankesMaybe PiS will buy it?

17 min ago

BernardThe new PiS program = suit plus and the company is still flourishing.

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