Brooks Brothers struggling, plans to leave U.S. factories
Hi all and I hope that this message finds you as well as possible after a stunning and emotional week in our country. There is so much essential reading to do and keep up with, but I wanted to share some of my stories (and those from colleagues) on retail this week.
This feature on Brooks Brothers with my colleague Vanessa Friedman. The brand, which dates back to 1818 and is the oldest apparel brand in continuous operation in the U.S., is closing its three U.S. factories and acknowledged the possibility of Chapter 11 bankruptcy. One more example of how retail is getting roiled by the pandemic. Brooks Brothers has clothed nearly every U.S. president, including Lincoln, Obama, Trump and more and has a fascinating history. nytimes.com/2020/06/05/business/brooks-brothers-factory-closings.html?smid=tw-share
We wrote about the break-in at Macy’s this week. The damage was limited but it commanded major attention given how famous the Herald Square store is. The retailer has also been struggling during the pandemic.
More broadly, most large retailers did not condemn looting or damage to their stores this week. They instead shared messages of empathy. Nordstrom said: “We can fix the damage to our stores. Windows and merchandise can be replaced. We continue to believe as strongly as ever that tremendous change is needed to address the issues facing Black people in our country today.”
This column by Vanessa Friedman is a great read: This Is Not The End of Fashion
And from my colleagues Conor Dougherty and Peter Eavis today, a look at the stress within commercial real estate.
Wishing you continued health and safety.
All my best,
Sapna