Brooks Brothers — pioneer of the polo and uniform of the polished prepster — filed for bankruptcy on Wednesday, as it continues to search for a buyer. But rent had become a burden, and the pandemic torpedoed a sale process that began in 2019. “We are in the process of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future,” the spokesperson said. Brooks Brothers generated more than $991 million in sales last year, roughly 20% of which were online. To support its operations in bankruptcy, Brooks Brothers has secured $75 million in debtor in possession financing from brand management firm WHP Global, which is backed by Oaktree Capital and Blackrock.

Source: The Standard July 08, 2020 12:59 UTC