Harsh Reality Of Covid-19 Takes Its Toll..............As World Famous Brand, Brooks Brothers, files for bankruptcy
“It's better to burn out than to fade away.” ...
*World
leader’s online magazine Publisher/Editor-In-Chief, Mike Cerutti Osagie,
I was somehow pained this morning in my heart, when I saw in the papers(and agency reports )that world famous brand, Brooks Brothers, the high and up market classic Manhattan
clothier, is filing for bankruptcy protection
What a strange news,
this brand is huge brand with high quality items now filing for bankrupts ((of
a person or organization) declared in law as unable to pay their debts.
A really touching news from a the company that
says it’s dressed 40 U.S. presidents has survived two world wars and navigated
the “casual Fridays” phenomenon and a loosening of dress standards even on Wall
Street, but the COVID-19 pandemic pushed the 200-year-old firm into seeking
Chapter 11 protection last night .
The virus-induced recession has cratered
spending in most sectors of the economy and accelerated shifts in how and where
people shop, mostly to the benefit of online retailers like Amazon and eBay.
Online sales are up a sizable 31% from a year ago.
Brooks Brothers was one of the few national
chains that produced its clothing in the U.S. In March, it shifted some
production at plants in New York, North Carolina and Massachusetts to produce
150,000 masks per day for front-line health workers.
The New York company was founded in 1818, making
it possibly the oldest clothier in the U.S………..
What pathetic news from such a pretty brand
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