Clothing brand Brooks Brothers on Wednesday filed for bankruptcy, per Marketwatch, becoming the latest retail giant to topple amid the coronavirus pandemic.
Why it matters, via Axios' Dan Primack: Brooks Brothers is the poster child for the retail apocalypse. Legacy retail brands were already struggling before the pandemic, facing the death of brick-and-mortar stores as shopping shifts online. The company, which has relatively little debt and no private equity owners, still generated around 80% of its sales in physical stores that have been mostly shuttered for months — as demand for business attire has cratered with consumers working from home.
