Brooks Brothers, oldest US clothier, filed Chapter 11 in 2020 after 202 years

Brooks Brothers was founded in Manhattan in 1818 as America's first ready-to-wear clothing store. For over two centuries it dressed US presidents (40 of 46), dressed Wall Street, and defined the American suit. By 2019 it operated 424 stores globally with annual sales around $1 billion, but the brand had been struggling with a secular shift toward casual workwear and online competition that had flattened sales since 2017.

The COVID-19 pandemic hit Brooks Brothers with devastating timing. Office closures and remote work eliminated demand for the formal business attire that was the company's core product. In May 2020, the company began seeking a buyer. In June it proposed closing its three American factories — a dramatic reversal for a brand built on 'Made in America.' On July 8, 2020, Brooks Brothers filed for Chapter 11 bankruptcy protection with less than $300 million in debt.

The bankruptcy closed 51 of its 250 North American stores, including its historic Madison Avenue flagship. In September 2020, a joint venture between Authentic Brands Group and Simon Property Group bought the company out of bankruptcy for $325 million. The new owners committed to operating at least 125 US stores. The 202-year-old brand survived but shrank to less than a third of its pre-pandemic footprint.