Business Brooks Brothers uses bankruptcy law in the US and...

Brooks Brothers uses bankruptcy law in the US and clarifies what will happen to its stores in Chile | Economy

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The American company Brooks Brothers, owned by Italian billionaire Claudio Del Vecchio, filed for bankruptcy in the United States, specifically Chapter 11, which allows you financially reorganize.

The store markets exclusive executive-style apparel and was founded in 1818 in New York. She has even been the official person in charge of the outfits of various world authorities.

According Fashion United, through a letter the company indicated that it made the determination to avail itself of the bankruptcy law in order to overcome the economic impact of the coronavirus.

“For more than 200 years, Brooks Brothers has remained solid in the face of the constantly changing world of fashion, fluctuations in economic prospects, different owners and even world wars,” he said.

Then in the letter he indicated that they will try a sale process “in order to find a new potential owner (…)”.

Along the same lines, the company said it was hopeful to resume their levels of attention and sales once the pandemic allows it.

Locally, Antonio Bebin Subercaseaux, brand manager of Brooks Brothers in Chile, told Pulso that the firm’s stores in our country -that are six- “They will continue as is.”

The executive remarked that the Chapter 11 filed under the US statute will help restructuring and renegotiating with creditors; and that only the closing of stores in the world that qualify as “not profitable” will be analyzed.

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