The retail brand Brooks Brothers has officially filed for chapter 11 bankruptcy. The company already had its struggles before the coronavirus pandemic. During the pandemic, the lack of sales really hurt the retail chain’s revenue.

Brooks Brothers have 500 stores worldwide and over 4,000 employees. To avoid shutting the business for good, the company has express interest in finding a buyer.

“It is critical that any potential buyer aligns with our core values, culture, and ambitions. Further details on the sale process will be made available in the coming days.” – Brooks Brothers Spokesperson

Authentic Brands Group may be a potential buyer for the retailer.

 

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