Storied Manhattan fashion designer Brooks Brothers is submitting for chapter coverage.
The 200-year-old corporate says it is put 40 U.S. presidents in its fits, and survived two international wars and navigated thru informal Fridays and a loosening of get dressed requirements even on Wall Street, however the coronavirus pandemic driven it to hunt Chapter 11 coverage on Wednesday.
Another famed American store, Barneys New York, sought chapter coverage final yr, and it was once adopted through a slew of others toppled through the pandemic, together with Neiman Marcus, J.Crew and J.C. Penney.
More bankruptcies are expected within the retail sector.
The virus-induced recession has cratered spending in maximum sectors of the financial system and speeded up shifts in the place other folks store, most commonly to the good thing about on-line shops like Amazon and eBay. Online gross sales are up a large 31 in line with cent from a yr in the past. In Canada, online shopping sales have more than doubled right through the pandemic.
Brooks Brothers was once some of the few nationwide chains that produced its clothes within the U.S. In March, it shifted some manufacturing at vegetation in New York, North Carolina and Massachusetts to supply 150,000 mask in line with day for front-line well being staff.
The New York corporate was once based in 1818, making it most likely the oldest fashion designer within the U.S.