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
Hospital operator Steward Health Care files for bankruptcy protection
Pakistan targets right T20 combination against understrength New Zealand
Canton Fair opens in China with surge in overseas purchasers
French police evict hundreds from abandoned Paris warehouse ahead of Olympics
Australian woman denies murdering her former husband's relatives with poisonous mushroom lunch
Watch What Happens Live: Kristen Doute says The Valley co
Legislation would give tax credits to companies that help workers afford childcare
Rita Ora covers her face with a $28,000 handbag as she arrives at Sydney Airport
Amanda Holden, 53, sends pulses racing in a skimpy black bikini during lavish yacht trip in sun
Madonna, 65, flashes her cleavage while leaning over a Bible with a man next to her as she covers Re
Christina Hendricks recreates her wedding for her Alzheimer's
Kylie Kelce celebrates her sixth wedding anniversary with husband Jason