Brick and mortar businesses continue to fall

Brick and mortar businesses continue to fall

Knowde Take:

Ecommerce is a must for businesses that want to survive in the post-Coronavirus world. But we get what’s happening here. We have scores of conference calls with others who are also homebound by the pandemic each month, and we’re hard-pressed to remember the last time we saw someone show up in a new suit. Interestingly, formal wear is not the only type of attire affected by COVID-19; Levi’s also announced a round of layoffs after losing 62% of its sales in the second quarter.

Brooks Brothers files for bankruptcy

Brooks Brothers, the 200-year-old menswear retailer that has dressed 40 US presidents and unofficially became the outfitter of Wall Street bankers, has filed for bankruptcy. The privately held company had been struggling as business attire grew more casual in recent years. But it has been decimated by the coronavirus pandemic, which sent demand for suits plummeting. Many working-from-home employees opted for far more relaxed looks of t-shirts and sweatpants rather than pinstripe suits and custom shirts. Brooks Brothers filed for Chapter 11 early Wednesday in a Delaware court. It had warned in June it would lay off nearly 700 workers in three states and is seeking a buyer because coronavirus destroyed its business. The company has been evaluating various strategic options, including a potential sale. But it has struggled to find a buyer.

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