Current location:Culture Chronicles news portal > opinions
Storied apparel retailer Brooks Brothers files for bankruptcy amid pandemic
Culture Chronicles news portal2024-04-30 11:15:31【opinions】7People 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
Address of this article:http://kyrgyzstan.whetstonetavern.com/article-35a199891.html
Very good!(3218)
Related articles
- China, Norway share common goals at ministerial meeting
- My side hustle makes me an extra £1k a month
- Dough Figurines Cream of Traditional Chinese Culture
- Experiencing Uygur Culture in Kashgar
- China urges U.S. to cease sending wrong signals to "Taiwan independence" forces
- Real Madrid 1
- Young Craftswoman Breathes New Life into Wood Carvings
- Appreciating a Beijing Staycation
- Flight path adjusted for aviation safety
- Miao's History, Culture Shine at Xiangxi Miao Drum Dance
Popular articles
Recommended
Hong Kong holds digital economy summit, eyes sustainable future
Chinese cities to see tourism peak in New Year's Day holiday
Beauty of Chinese Culture Highlighted During Winter Olympics
Promoting Harmony Within Families
Explainer: What to expect from AU summit as education, development take center stage
Tracing Origin of Spring Festival in Langzhong
Promoting Harmony Within Families
Antiques Roadshow guest breaks down in tears over HUGE valuation of Edwardian cufflinks
Links
- Heim homers with 4 RBIs as Rangers win 12
- The return of horse
- Biden could miss the deadline for the November ballot in Alabama
- US Open champ Wyndham Clark takes a shot at LIV Golf after opening round of the Masters
- What to expect in the Alaska and Wyoming Democratic presidential contests
- Police looking into how missing fisher went overboard
- Tennessee GOP Rep. Andy Ogles draws Republican and Democratic challengers
- US Open champ Wyndham Clark takes a shot at LIV Golf after opening round of the Masters
- Don Donoher, the winningest basketball coach at Dayton, dies at 92
- Knicks top Nets 111