America’s President’s Favorite Company Bankrupt
The first choice of almost all U.S. presidents in terms of apparel, 200-year-old company Brooks Brothers filed an insolvency protection application on Wednesday.
Another big name was added to the companies that were affected by the coronavirus epidemic. Brooks Brothers were founded in 1818 in New York. The company has successfully faced challenges such as two world wars, the Great Economic Recession and the Presidential Office loosening the standard of dress.
However, it could not survive the crisis posed by the Coronavirus epidemic. The company has filed an application under Chapter 11 for bankruptcy protection.
The company is about to close more than 25 per cent of its 200 stores forever. It is noteworthy that due to the Coronavirus epidemic, the retail sector is facing serious challenges. Earlier, rival company Barneys New York had also filed for bankruptcy protection.
Corona hits offline companies
Several national retail companies in the US, including J Crew, Neiman Marcus and JCPenney, have also gone bankrupt.
The epidemic has reduced people's spending. People have started to prefer online shopping, due to which online retail companies like Walmart, Target and Amazon have benefited but the companies running offline stores have been ruined.
Stores are starting to open in parts of the US, but millions are still closed in homes.
40 presidents have worn the clothes of Brooks Brothers
In some parts of the US, the wave of infection has intensified, due to which companies like Apple have started to close their stores in those areas.
The company has an old and rich history. At least 40 US presidents have worn it. When Abraham Lincoln was assassinated in 1865, he was wearing the coat of Brooks Brothers.
The brand's two-button suit was a favourite of President John F. Kennedy. Its cultural influence has also been widespread.
Clarke continued to wear Gable Brooks Brothers clothes. Jennifer Aniston wore a red, white and blue Brooks Brothers tie when she appeared on GQ magazine's front page
