Current location:politics >>
Storied apparel retailer Brooks Brothers files for bankruptcy amid pandemic
politics5598People have gathered around
IntroductionA Brooks Brothers store is seen in Allen, Texas, the United States, on July 8, 2020. Brooks Brothers ...
A Brooks Brothers store is seen in Allen, Texas, the United States, on July 8, 2020. Brooks Brothers, one of the oldest apparel retailers in the United States, filed for bankruptcy protection on Wednesday, as the coronavirus pandemic continues to impact businesses. (Photo by Dan Tian/Xinhua)
NEW YORK, July 8 (Xinhua) -- Brooks Brothers, one of the oldest apparel retailer in the United States, filed for bankruptcy protection on Wednesday, as the coronavirus pandemic continues to impact businesses.
The company said in a statement that it has commenced Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware to facilitate a value-maximizing sale process.
It has secured commitments for a debtor-in-possession financing facility of 75 million U.S. dollars from WHP Global, a New York-based firm that owns and develops global consumer brands, subject to court approval. This capital, together with cash flows from ongoing operations, would provide liquidity to support the company through the sale process, according to the statement.
Established in 1818, Brooks Brothers was the first American brand to offer ready-to-wear clothing and has continued throughout history with a wide range of iconic products. It has about 500 stores worldwide.
The 202-year-old company was among the big retail names that have stumbled into bankruptcy during the COVID-19 crisis. J.Crew, Neiman Marcus, JCPenney have all filed in recent months, partly citing headwinds from the pandemic.
More than 3 million confirmed COVID-19 cases have been reported in the United States as of Wednesday afternoon, with the death toll from the disease topping 132,000, according to data from Johns Hopkins University. Enditem
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Global Gateway news portal”。http://saudiarabia.arandomquote.com/content-91e699869.html
Related articles
'IF' movie review: John Krasinski’s film hits a box office nerve with $35 million debut
politicsJohn Krasinski’s imaginary friends movie “IF” claimed the top spot at the box office this weekend ac ...
【politics】
Read moreTrump, Speaker Johnson meet at Mar
politicsPALM BEACH, Fla. (AP) — Donald Trump offered a political lifeline Friday to House Speaker Mike Johns ...
【politics】
Read moreKremlin says 2022 draft document could serve as starting point for future Ukraine peace talks
politicsMOSCOW (AP) — A draft peace agreement that Russia and Ukraine negotiated in the early days of the co ...
【politics】
Read more
Popular articles
- Tagovailoa misses Dolphins' OTA day to attend Saban's charity golf tournament
- Roberto Cavalli, Italian fashion designer, dies at 83
- Togo bans protests over a canceled presidential election as tensions rise
- Writers decline recognition from PEN America over Israel
- Yemen's Iran
- Jill Biden calls Trump a 'bully' who is 'dangerous' to LGBTQ people
Latest articles
US defender John Brooks to leave German club Hoffenheim
Three killed in Ethiopia shootout as regional rebellions spill into the capital
US and Philippines step up strategic partnership as China threats loom in South China Sea
Where is the Princess of Wales? The internet knows
Andretti Global makes key engineering hire in bid to earn a spot in Formula 1
Brazil court says government must compensate victims of stray bullets in police raids
LINKS
- Faced with possibly paying for news, Google removes links to California news sites for some users
- Kremlin says 2022 draft document could serve as starting point for future Ukraine peace talks
- How immigrant workers helped stave off a US recession
- Student loans: What to know about Biden's latest relief plan
- Why did Yoon's party lose in South Korea's elections and what troubles does he face now?
- Sheriff believes body in burned SUV to be South Florida woman who went missing after carjacking
- Biden administration announces new student loan cancellations
- Louisiana lawmakers reject minimum wage raise and protections for LGBTQ+ people in the workplace
- Live NRL updates: Warriors v Sea Eagles
- Prominent surgeon says he was denied entry to Germany for a pro