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Brooks Brothers Seeks New Owner in Chapter 11 Filing
Menswear retailer Brooks Brothers filed for bankruptcy Wednesday in Wilmington, DE as it continues to seek a buyer. Founded in 1818, the Manhattan-based brand, which has outfitted 40 of the 45 U.S. Presidents, is closing 51 of its approximately 230 U.S. locations permanently.
“Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture,” said CEO Claudio Del Vecchio, who acquired Brooks Brothers from British retailer Marks & Spencer in 2001.
He continued, “Prior to COVID-19, we were already conducting an evaluation of various strategic options to position the company for future success in a rapidly transforming retail environment, including a potential sale of the business. Industry headwinds were only intensified by the pandemic.”
The company’s restructuring counsel is Weil, Gotshal, & Manges LLP.
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