NEW YORK— The varied Manhattan clothier Brooks Siblings is filing for bankruptcy protection.
The company that says it’ s put 40 Oughout. S. presidents in its fits, survived two world battles, and navigated through informal Fridays and a loosening associated with dress standards even upon Wall Street, but the coronavirus outbreak pushed the particular 200-year-old company into look for Chapter 11 protection Wed.
Another famous men’ s clothier, Barneys of New York, sought personal bankruptcy protection last year, and it has been followed by a slew more toppled by the pandemic, which includes Neiman Marcus, J. Team, and J. C. Penney.
The particular Neiman Marcus store is observed during the outbreak of the CCP virus in New York City, And. Y., on April nineteen, 2020. (Jeenah Moon/Reuters)
More bankruptcies are expected in the retail sector.
The virus-induced economic downturn has cratered spending in many sectors of the economy plus accelerated shifts in exactly where people shop, mostly towards the benefit of online retailers like Ebay and amazon. Online sales are upward a sizable 31 percent from the year ago.
Brooks Brothers was mostly of the national chains that created its clothing in the United States. Within March, it shifted a few production at plants within New York, North Carolina, and Ma to produce 150, 000 face masks per day for frontline wellness workers.
The newest York company was founded within 1818, making it possibly the earliest clothier in the country.