Brooks Brothers, which is famous not only in America but also in the world, has long struggled with financial problems. The last nail was planted in the coffin of her business by a coronavirus.
–
The fashion brand had to declare bankruptcy and is now looking for a buyer. The bankruptcy could make it easier for her to raise additional funds to continue her 202-year business and continue to dress statesmen, businessmen and movie stars.
–
“Covid-19 has become extremely disruptive and has taken a toll on our business,” a company spokesman told CNN.
–
The gradual decline of the company was influenced by several factors. First of all, people started to lean towards more comfortable work clothes. Now their interest in cut suits and sheath dresses has declined even more, as the work culture has changed significantly during the pandemic.
–
“The fact is that trends in workwear have been shifting for some time. When the covid-19 pandemic hit and people were forced to work from home, the purchase of formal workwear was completely stopped, “Jessica Cadmus, a stylist and former Brooks Brothers employee, explained to CNN.
–
The Brooks Brothers had to close most of its 500 stores worldwide during the pandemic, losing additional revenue streams.
–
“The current pandemic has only accelerated the challenges that industry and our business have been facing for some time,” said a spokeswoman for the Brooks Brothers.
–
However, people tended to look more relaxed even before the pandemic. For example, investment company Goldman Sachs announced last year that its employees could start dressing more casually. Until now, the Wall Street company has preferred suits and shirts with collars.
–
The crisis will also affect other companies in the clothing industry. Ascena Retail Group, which focuses on women’s clothing, plans to close 1,200 stores. A similar step was previously taken by the clothing company Inditex, which also includes the Zara chain.
–
The luxury fashion brand was worn by 40 of the 45 US presidents. Her suits were worn, for example, by Franklin D. Roosevelt, JF Kennedy, Richard Nixon, George Bush, Bill Clinton or Barack Obama. Brooks Brothers’ tailored jackets and trousers have also become the unofficial uniform of Wall Street financiers and members of the US government.
–
The company’s clothing has also appeared in several films. Brooks Brothers sewed costumes for Big Gatsby’s latest adaptation in 2013. Actor Leonardo DiCaprio or George Clooney in the role of Jay Gatsby in the film I Fly in It starred Jay.
–
The history of the Brooks Brothers dates back to 1818, when Henry Sands Brooks opened his first clothing store in Manhattan. The company gradually expanded to the rest of the world. Her suits are known for their quality and conservative appearance. They are famous not only for statesmen and financiers, but also for actors and costume designers of the golden age of Hollywood.
—
