Brooks Brothers declares bankruptcy

 

The historic fashion brand, founded in New York in 1818, decided to apply for the Chapter 11 procedure at the Delaware Bankruptcy Court.

The New York Times reveals that last May Claudio del Vecchio, an Italian entrepreneur who bought the brand in 2001, had already mentioned the possibility of filing for bankruptcy for his company.

Whilst the covid-19 emergency continues to hit the United States, Brooks Brothers had no choice but to wave the white flag and close its production centres.

The Chapter 11 procedure, however, does not involve the closure of stores. During the proceeding, the court helps the filing business to restructure its debts and obligations. In most cases the company remains open and operating.

Brooks Brothers is a historic brand, with over two centuries of activity and over the years had the privileged of dressing several U.S. presidents including John F. Kennedy and Barack Obama.

The main store in Rome is located just off Piazza San Lorenzo in Lucina. 

Ph: Ken Wolter / Shutterstock.com

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Address Via del Leoncino, 21, Rome, Metropolitan City of Rome, Italy

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Brooks Brothers declares bankruptcy

Via del Leoncino, 21, Rome, Metropolitan City of Rome, Italy