It appears the days of “liking the way you look” are over as the forced work-from-home lockdowns mean the average working man in America is now only visible from the shoulder up on his Zoom calls.
This new normal of (in)formal meetings seems to have been the last nail in the coffin of America’s most iconic menswear retailers as Men’s Wearhouse and Brooks Brothers are reportedly preparing for bankruptcy.
NJ.com reports that the 202 year-old clothing retailer Brooks Brothers is in talks with banks about raising financing for a potential Chapter 11 bankruptcy filing amid the coronavirus pandemic, according to a report by CNBC.
Brooks Brothers Chief Executive Claudio Del Vecchio, told The New York Times this week that while he was not “eager” to consider a Chapter 11 bankruptcy filing, he would not rule it out.
The bankruptcy filing could come as soon as July, the report said.
Brooks Brothers has more than 250 stores in North America and 500 worldwide.
And Bloomberg has just reported, Tailored Brands Inc., the owner of Men’s Wearhouse and Jos. A. Bank, is considering a potential bankruptcy after the coronavirus lockdown kept America’s office workers at home, putting a damper on demand for new suits.
The retailer and its advisers have started reaching out to interested parties about reworking its debts of more than $1 billion, Bloomberg reports according to people with knowledge of the matter.
Of course, given the utter farce we have seen in the stock of bankrupt HTZ and CHK, it’s probably time to buy TLRD stock with both hands and feet…
No, that is not a suggestion, because if it files, it’s a ZERO, “I guarantee it!”