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Brooks Brothers Flirts with Bankruptcy

the staff of the Ridgewood blog

Hackensack NJ,traditional retailer Brooks Brothers is nearing a bankruptcy filing that could take place as early as this week, sparking a possible bidding war for the troubled company.

Private equity firm Solitaire Partners is in talks with the haberdasher to make a bid once a possible Chapter 11 bankruptcy filing has been made, according to people close to the matter. These people say Brooks Brothers has signaled to potential bidders it is likely to file for bankruptcy in the coming days.

Brooks Brothers was founded in 1818, outfitting 41 of the 45 U.S. presidents from James Madison to Barack Obama. Most recently, President Donald Trump wore a Brooks Brothers suit on his Inauguration Day. Brooks Brothers company sales have been hovering around $1 billion since 2017. And with COVID19 and social unrest many analysts estimate sales could be down 30 percent this year.  The company’s most optimistic efforts don’t show it making a profit until 2022. It is also very possible that, given the excess retail space that exists in the U.S. right now, there won’t be a buyer and Brooks Brothers will liquidate.

Brooks Brothers  as a store in Riverside Square Mall in Hackensack,

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