Brooks Brothers, one of America’s oldest clothing brands, has become the latest US retailer to file for bankruptcy protection.
The menswear company, which is more than 200 years old, sought court protection from creditors on Wednesday while it looks for a buyer.
It had already shut some stores and prepared to close its US factories.
Known for its suits, it joins J Crew, JC Penney and Neiman Marcus as a business casualty of the pandemic.
The company dates back to 1818 and its clothes have been worn by dozens of US presidents, including John F Kennedy and Barack Obama.
It operates about 500 stores globally, roughly half of which are in the US, and employs more than 4,000 people.
Since 2001, it has been owned by Italian businessman Claudio Del Vecchio, whose family founded Luxottica. It was owned by Marks & Spencer between 1988 and 2001.
The firm, which has suffered as more causal office attire has become the norm and online competition increased, had been exploring a sale before the pandemic struck. It said it expected to complete the process in the next few months.
“Industry headwinds were only intensified by the pandemic,” Mr Del Vecchio said. “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 styles itself as a classic American brand. It claims credit for popularising “preppy” men’s staples in the US, including madras prints, seersucker suits, argyle socks and the ever-present button-down shirt.
In a court filing, the company stated that it had both assets and liabilities between $500m and $1bn.
In an interview with the New York Times last month discussing the three US factory closures, Mr Del Vecchio said the firm was taking steps to ensure its survival. It employed nearly 700 people at the plants in New York, Massachusetts and North Carolina.
In addition, the company had already said it would close 51 stores in the US.
“At this moment, all resources need to be maintained and saved to make sure we can come out on the other side of the crisis,” he said.