Sponsored by AGTA
Brooks Brothers Latest Retailer To File Chapter 11
The 202-year-old company, known for its classic suits, owns the Alexis Bittar and Carolee jewelry brands.

New York—Long hurt by Casual Fridays and hampered by COVID-19 in its efforts to find a buyer, Brooks Brothers and its fashion jewelry subsidiary have filed for bankruptcy protection.
The 202-year-old company, known for its stylish suits and preppy casuals, filed for Chapter 11 bankruptcy protection Wednesday in U.S. Bankruptcy Court in Delaware, with the goals of obtaining new financing and quickly finding a buyer.
“Like countless other retail companies, Brooks Brothers’ business has been impacted by significant operational and manufacturing challenges, as well as shifting retail industry trends in recent years,” said the retailer’s Chief Restructuring Officer Stephen Marotta of Ankura Consulting Group LLC in an affidavit filed Wednesday.
In 2019, Brooks Brothers began looking for a buyer or a merger opportunity but the onset of COVID-19 derailed that effort, making the storied-but-struggling retailer the latest to seek protection under Chapter 11.
“Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture,” Chairman and CEO Claudio Del Vecchio said in a company statement.
“Seeking protection to facilitate an efficient sale of the business is the best next step for the company to achieve its goals, over any other alternative.”
Brooks Brothers said it has secured commitments from investment company WHP Global for $75 million in debtor-in-possession financing, a type of financing extended to companies in distress overseen by the lender and subject to court approval.
The financing together with cash flows from ongoing operations will support it through the sale process, said the company.
The retailer is going to hold an auction where parties can submit qualified bids, and said it expects to complete the sale process in the next few months, pending court approval.
To our loyal customers. pic.twitter.com/OcAqFbu8v2
— Brooks Brothers (@BrooksBrothers) July 8, 2020
Filing alongside Brooks Brothers Group Inc. was jewelry subsidiary Deconic Group LLC, which manufactures, merchandises, markets, sells and licenses the Alexis Bittar and Carolee fashion jewelry brands.
The brands are sold online, at stores like Nordstrom and Bloomingdales, and through nine retail stores located in the Northeast, Midwest and in California. Deconic also leases an office and manufacturing facility in Brooklyn’s Industry City development and a showroom in Manhattan.
Brooks Brothers acquired Carolee LLC in 2001 and, under Carolee, Alexis Bittar in 2016. It overhauled its fashion jewelry business in 2017, relaunching as Deconic.
Deconic brought in approximately $15 million in
Asked about the future of Deconic, a company spokesperson noted the bankruptcy filing is “a sale process, not a liquidation of Brooks Brothers or Deconic’s brands.”
“Deconic will continue to do business as usual for the time being [and] we do not expect this to interrupt our ability to deliver the brands Alexis Bittar and Carolee,” the spokesperson said.
RELATED CONTENT: The Latest on the Neiman Marcus, JC Penney Bankruptcies
Founded in 1818 as H. & D.H. Brooks & Co. in New York, Brooks Brothers is the oldest apparel company in the United States, it noted in the bankruptcy filing.
The company operates about 425 retail and factory outlet stores worldwide, including 236 in the United States.
Like so many retailers, it closed nearly all of its stores when the pandemic hit and furloughed 2,900 of its 4,025 employees worldwide.
It said Wednesday that 51 of its 236 U.S. stores, or 22 percent, have closed or are in the process of closing permanently, while the others will reopen “as local and state public health and government officials allow and as it is economical to do so.”
The Latest

Watch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.

It’s a reminder that life is best lived with discretion.

Experience all the Italian Jewelry market has to offer in Las Vegas.
The end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.


Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.

The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.

Provide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.

Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.

Kate Della Monica, a senior specialist in the Jewelry and Watches department, will relocate to the Sunshine State.

LVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.

Sotheby’s New York put a colorless diamond and a fancy deep orange-brown diamond up for sale last week, with mixed results.

Profits will help them recoup financial losses.

The organization also extended the terms of Vice President Feriel Zerouki and Treasurer Ronnie VanderLinden.

After suffering a professional setback, columnist Peter Smith reflects on our ability to bounce back even when the hits keep on coming.

Glatz owned and operated Glatz Jewelers in Aliquippa, Pennsylvania for more than 40 years.

The organization will present three awards at its annual dinner, dance, and gala in October.

Former McKinsey partner Emily Yueh marks new president Evan Yurman’s first hire.

The New York jeweler also made the pop star’s wedding bands.

It’s predicted to sell for up to $484,000 during the Bonhams Hong Kong Jewels and Jadeite auction on June 22.

The recipient will receive up to $17,500 toward a tech-focused certification or program of their choice.

It’s as versatile as it is glamorous.

The alleged scheme involving fake “Love” bracelets, necklaces and rings was designed to circumvent Amazon’s counterfeit detection tools.

Chief Financial Officer Brad Hampton will take over as the retailer’s new CEO.

Its new collection with subtle swirl designs draws inspiration from the family’s Armenian roots.

It’s located at the Westfield Century City outdoor shopping center.