On Wednesday, a 202-year-old brand who had addressed around 4 presidents of the US along with many business executive people in the Oxfords, polos as well as classic suits for casuals in Friday had got bankrupt and searching its buyers.
With a plan to close 51 North American stores from 250 and also there will be a halt at its production over factories in New York, Massachusetts, and North Carolina at the mid of August which produces finished goods of about 7 percent. The rest of the stores will be opened due to local public health compliance orders in the pandemic.
Claudio Del Vecchio, chief executive of Brooks Brothers is not getting a buyer and bids. Due to pandemic, there is a change in the fashion trends which is disrupting the sale processes. So, the company had secured around $75 million took debt for supporting the process of a sale.
Managing director of GlobalData Retail, Neil Saunders in 1818 Brooks Brothers have been founded and are known for the old school approach which is formal and they make slow changes in the consumer’s styles, as well as tastes. With the changing styles it has lost its relevance.
He said that they could not able to adapt to the trends which are changing so they suffered due to this. It could not meet the demand of new generation customers as they are looking for some different approaches towards a design which are smart casual.
As per the analyst, most of the youngsters are going for other competitors such as Tie Bar, J. Crew, Bonobos, SuitSupply, which are more than the modern styles.