Yesterday Bloomberg reported the following:
Brooks Brothers Inc., the two-century-old menswear company that set the standard for aspiring Wall Street bankers, is seeking to sell itself.
The retailer has extended a sale process begun last year, according to people familiar with the matter who asked not to be identified because it wasn’t public. Depending on how many stores a buyer wanted, a transaction could ultimately be part of a bankruptcy filing, they said. The company has about $600 million in debt.
“In the ordinary course of business, Brooks Brothers consistently explores various strategic options to position the company for growth and success,” a company representative said in an email. The company has “nothing to announce at this time.”
Even as some states start to ease lockdowns aimed at containing the coronavirus pandemic, it remains to be seen how quickly consumers will return to stores and how much they’ll spend. While even the affluent Brooks Bros. clientele has little need for new suits at the moment, the brand’s history and cache has elicited interest, the people said.
Many of the company’s approximately 250 U.S. locations have struggled, some of the people said. It operates a similar number of stores in more than 40 other countries, according to its website.
And GQ is reporting that J. Crew is apparently filing for bankruptcy:
There’s no use getting overly emotional about a store filing for bankruptcy; the phrase “the end of an era” is so hackneyed at this point it’s basically useless. But…this is an end of an era! J.Crew was without a doubt the most important store a generation of guys: the ones who had only the mall, a well-made Barbour jacket, and a slim suit to stoke their interest in menswear over a decade ago. It’s no exaggeration that the store taught a generation of men how to dress better. At one point, J.Crew was responsible for dressing so many guys that a single gingham shirt could sustain an entire Instagram account.
Remember, when one cycle ends, another begins. — CC