Storied Manhattan clothier Brooks Brothers is submitting for bankruptcy protection.
The 200-year-old firm says it is put 40 U.S. presidents in its fits, and survived two world wars and navigated by way of informal Fridays and a loosening of costume requirements even on Wall Street, however the Corona Virus pandemic pushed it to hunt Chapter 11 protection on Wednesday.
Another famed American retailer, Barneys New York, sought bankruptcy protection final 12 months, and it was adopted by a slew of others toppled by the pandemic, together with Neiman Marcus, J.Crew and J.C. Penney.
More bankruptcies are anticipated within the retail sector.
The virus-induced recession has cratered spending in most sectors of the economic system and accelerated shifts in the place individuals store, principally to the good thing about on-line retailers like Amazon and eBay. Online gross sales are up a large 31 per cent from a 12 months in the past. In Canada, on-line purchasing gross sales have greater than doubled in the course of the pandemic.
Brooks Brothers was one of many few nationwide chains that produced its clothes within the U.S. In March, it shifted some manufacturing at crops in New York, North Carolina and Massachusetts to supply 150,000 masks per day for front-line well being employees.
The New York firm was based in 1818, making it presumably the oldest clothier within the U.S.