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.
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Sales are predominately generated through the company’s comprehensive e-commerce website which enables the business to distribute goods to clients both domestically and internationally.
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