The storied New York-based company is the latest retail casualty of the coronavirus pandemic that has already forced Neiman Marcus, J.Crew and others into bankruptcy proceedings.
Brooks Brothers said it intends to keep searching for a buyer after the COVID-19 crisis threw a wrench into the company’s plans to sell itself. The chain has snagged $75 million in financing to support it through the Chapter 11 process, court records show.
“The purpose of this filing is to obtain additional financing and facilitate a sale process in an efficient manner to maximize value for our stakeholders and ensure that our iconic brand is positioned to continue under new ownership,” a company spokesperson told The Post. “Brooks Brothers is here to stay and serve our loyal customers for years to come.”