Tue, 13 Apr 2021 | ADMINISTRATION
The UK arm of business wear retailer Brooks Brothers has fallen into administration, with a sale of the business now being considered. Asher Miller and Stephen Katz of David Rubin & Partners have been appointed as joint administrators.
Brooks Brothers, which operated four UK stores, has suffered from these being shuttered during COVID-19 lockdowns as well as a lack of demand for business wear with people working from home during the pandemic. The firm’s US parent company also went into bankruptcy last year, before being acquired by a joint venture.
Last month, the company surrendered the lease for its flagship Regent Street store. Administrators have said that the company’s three remaining stores, in Bicester, West London’s Westfield centre and the O2 Arena, will open this week when lockdown eases.
In a statement to Bisnow, joint administrator Asher Miller said: “The reason for my appointment as administrator of the UK company is of course that with the prolonged closure of non-essential retail, despite the directors’ best efforts and regular communications with landlords and local creditors, mounting rent arrears and the problems of the worldwide group have led to the decision to place Brooks Brothers UK Limited into administration.”
Miller added: “We are currently considering the administration strategy and we are reopening the stores in Bicester, Westfield and ICON/O2 on Monday as we have good levels of stock and we be will be exploring the possibility of selling the UK business to an interested party, if the issues surrounding the rights to trade the brand in the UK and obtain future supplies of stock can be resolved internationally.”
With events cancelled and millions working from home, the COVID-19 pandemic has had a massive impact on formal, business and event wear brands. High-profile operators including Thomas Pink, TM Lewin, Ralph & Russo and DVF Studio have been forced to either enter administration or close stores within the last year.
View the latest distressed UK businesses here.
An opportunity to acquire a long-standing well established newsagents based in the West Midlands. Ideally located in the town centre of an affluent area, the company achieves high footfall, with an abundance of repeat trade and new customers alike.
LEASEHOLD
The company has established itself as gourmet food supplier and premiere grocer in its area. The client has grown the business since establishing in 2019 to larger premises and invested in providing only the finest produce in its field. Located in a...
LEASEHOLD
Presenting a lucrative chain of independent hardware stores both high street and online established.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.