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Businesses United States

Brooks Brothers Files For Bankruptcy (cnn.com) 112

Posted by msmash from the end-of-an-era dept.
Brooks Brothers, the 200-year-old menswear retailer that has dressed 40 US presidents and unofficially became the outfitter of Wall Street bankers, has filed for bankruptcy. From a report: The privately held company had been struggling as business attire grew more casual in recent years. But it has been decimated by the coronavirus pandemic, which sent demand for suits plummeting. Many working-from-home employees opted for far more relaxed looks of T-shirts and sweatpants rather than pinstripe suits and custom shirts. "Although the pandemic has severely eroded the outlook for the business, Brooks Brothers has long suffered from a failure to decisively adapt to changing trends," said Neil Saunders, the managing director of GlobalData Retail. "When it comes to tastes and style, Brooks Brothers has been swimming against the tide."

Brooks Brothers filed for Chapter 11 early Wednesday in a Delaware court. It had warned in June it would lay off nearly 700 workers in three states and is seeking a buyer because coronavirus destroyed its business. The company has been evaluating various strategic options, including a potential sale. But it has struggled to find a buyer. A company spokesperson told CNN Business that it expects to "complete the sale process within the next few months." The retailer is in the process of shuttering 20% of its 250 US stores. According to the bankruptcy filing, Brooks Brothers has secured $75 million in financing to continue operating.
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Brooks Brothers Files For Bankruptcy More

Brooks Brothers Files For Bankruptcy

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  • Great (Score:1, Funny)

    by OMBad ( 6965950 )
    Now where am I going to get my outfits for when I go yachting?

  • Serious question: Does anyone care? (Score:3, Insightful)

    by dmay34 ( 6770232 ) on Wednesday July 08, 2020 @12:21PM (#60275532)
    I'm actually curious on this. Does ANYONE here care about this? I mean, yeah they made some nice shirts. My father-in-law really likes the brand. But they are hardly the only place to get nice dress shirts. If you actually care about this, please let me know why. I am honestly -not sarcastically- interested in why you care.

    • Re:Serious question: Does anyone care? (Score:5, Insightful)

      by OMBad ( 6965950 ) on Wednesday July 08, 2020 @12:23PM (#60275538)
      The people who work for them care. I know it is hard to believe, but not everyone is a JavaScript programmer who makes 100k working from home. I hate to break it to you guys, but we are all a few months away from getting laid off ourselves if things don't improve. Then you will start caring.

      • The Programmer is business sector dependent. The Healthcare IT worker, is much different than the Manufacturing IT worker, which is different than an IT worker who works for generic Tech shop.

        However the COVID recession really did expose a lot of cracks in our economy. As many businesses failed within weeks of the lockdown. Due to improper planning, and going on the hope that their business will still thrive just on the fact that it had done so before.

        Business today it too heavily relied on debt (in one f

        • Re:Serious question: Does anyone care? (Score:4, Insightful)

          by dmay34 ( 6770232 ) on Wednesday July 08, 2020 @12:53PM (#60275634)
          The problem with your "traditional" model is that it's very hard to grow without debt -almost impossible- because growth takes planning and investment. For a company that produces physical product, you have to have a factory that can produce the product. You can't really build a factory a little at a time as you go along. You have to build the factory that you think you are going to need to meet the demand that you intend to grow into. That is almost certainly going to take debt to do.
        • Most of the businesses that failed were highly - or completely - dependent upon foot traffic. When the Government comes in and locks you down immediately, and leaves you locked down for months, there's very little you can do to offset that loss in revenue. In a normal recession, you might see a 10-30% reduction in traffic - but you still HAD traffic. Now? Zero. Not many people, let alone businesses, are prepped to go 4+ months with zero revenue.
      • That's something in general. But, specifically, this has nothing to do with tech. This is a failure of the government to address the coronavirus, leading to the spreading of the pandemic.

        • Re: (Score:1)

          by OMBad ( 6965950 )
          Well this is a general pseudo-Marxist website, not a tech site. That is why they took out the "News for Nerds" thing.

        • This is a failure of the government to address the coronavirus

          Actually, this is a failure of people to wear suits.

          The last time I wore a tie was to my niece's wedding eight years ago. I don't think I even own one anymore. If I need one for another wedding (or maybe a funeral), I will buy a clip-on at Walmart.

          These days, even lawyers only wear suits on the days they go to court.

          This is good for America. A tie will lower IQ scores by 3 points. Accumulatively, that is a lot of stupidity.

          Ties make you stupid [forbes.com].

        • The summary notes they were having trouble before corona virus because they didn't keep up with trends and styles.

          A clothing designer who doesn't keep up with fashion is a dead clothing designer.

          With or without virus they were doomed. The virus response just hastened the inevitable.

          Bad business model? Die.

          What's the government have to do with this one?

      • Comment removed based on user account deletion
    • Comment removed based on user account deletion

    • Re: (Score:1)

      by Kohath ( 38547 )

      It's stuff that matters!!!

    • USA (Score:5, Informative)

      by JBMcB ( 73720 ) on Wednesday July 08, 2020 @12:39PM (#60275590)

      Amazingly, they still have three factories in the US that make shirts, suits and belts/leatherwear. When people complain that clothes aren't made in the US anymore, I usually point them to Brooks Brothers. You can buy a really nice made in the US shirt for $180.

      • And then, my job was sent overseas. I tried getting a comparable one, but as wages were suppressed by Indians and unable to get a comparable job, I have to rely on Southeast Asian sweatshop made clothing.

        Brooks Brothers is yet another casualty of the declining middle class in the US.

      • Re: (Score:3, Insightful)

        by Random361 ( 6742804 )

        Amazingly, they still have three factories in the US that make shirts, suits and belts/leatherwear. When people complain that clothes aren't made in the US anymore, I usually point them to Brooks Brothers. You can buy a really nice made in the US shirt for $180.

        That's kind of their problem. If I can go to Burlington or Costco and pick up a decent (not excellent) shirt for $30, why would I pay $180 from Brooks Brothers? Of course, the argument is that they're made in the USA, but the fact of the matter is that our economy in a lot of ways is dependent on cheap imports from the sweat shops overseas. More to the point, COVID is revealing how much our economy is a house of cards. Meat (and most other groceries) have gone up double digit percentages in price. Amazon Fr

        • What did you expect to happen when the meat packing plants are forced to close down or work at limited capacity? People still continue to demand as much meat as before so the alternatives are to increase prices in order to curb demand, attempt rationing and hope people don't try to cheat the simplistic system, or to do nothing and watch as there are massive shortages and we go through the same thing we saw with toilet paper and hand sanitizer where people start hoarding more than they would normally buy due

        • Re:USA (Score:4, Interesting)

          by ravenscar ( 1662985 ) on Wednesday July 08, 2020 @01:59PM (#60275930)

          I just recently retired 3 Brooks Brothers shirts that I bought in 2002. These shirts saw very regular wear for many years. I find that $30 shirts tend to last around 3 years with the same volume of wear. That puts the cost of the shirts roughly on par - with the Brooks Brothers shirts looking and feeling much nicer.

          Of course, it is harder for folk to lay out $180 up front vs $30 every few years. It's also nice to have new looks here and there (though BB tends to make "classic" styles that aren't really ever out of fashion). Then again, that has to be balanced against the reduction in waste, (hopefully) more ethical employment and production practices, and potential benefit to the local economy. In the end, I think BB wins out.

          All that said, the market for suits and dress shirts just isn't what it was. Personally, I'm glad that I rarely have to dress up like that these days. I'm more comfortable and I don't have to maintain two sizable wardrobes - one for work and one for everything else.

          • So perhaps those $30 shirts might now last for 7 or 8 years since you wear them less. Hard to justify buying BB in that case.

          • I have a few Italian tailor-made shirts and suits, and I find them a lot more comfortable than anything pret-a-porter I can find in stores. Every year I go back home to Rome and I buy one or two new shirts, the tailor-made ones are about €100 apiece and they're better than anything I can get in the US (similar tailor-made shirts would cost at least 400-500 dollars, that's a tad too expensive).
        • It's a nicer shirt, and will last a decade.

        • 25$/lb? Maybe its area dependent but Im looking at amazon fresh right now and its 8$/lb

          https://www.amazon.com/Organic... [amazon.com]

        • because those 30 shirts from burlington/costco really are not even worth 30.
          OTOH, my brooks have lasted 10 year. BTW, do not pay 180. They have nice sales.

      • Re: (Score:2)

        by leonbev ( 111395 )

        Of course, one of the reasons that they're going bankrupt is that their shirts cost $180. You can probably get something similar made in China with similar quality for about $50.

        • Same colors and style from China? Absolutely.

          Same quality? No. Not for $50 and not from anyone in China I know of at any price.

          • The exception is Hong Kong. You can get excellent shirts made there for a good price. The mass-made stuff made on the mainland is mostly pretty poor quality.

        • Re: (Score:2)

          by JBMcB ( 73720 )

          They have cheaper shirts that are made in China, and run sales all the time. Their oxford cloth shirts last forever. I bought a bunch when they were still $60 each (before they jacked up the price to $180) and they are still in great shape after about a decade.

      • who can afford a $180 shirt though? I know I can't.

        I remember Mervyn's going out of business because they catered to a customer that didn't exist anymore: working middle class. The kind of person that made too much to shop at Walmart but not enough for Macy's. Kohls has filled a bit of that Niche, but they're much smaller.

    • What is the "news for nerds" angle on this story?

      • Re: (Score:2)

        by dmay34 ( 6770232 )
        Nerds wear clothes. Most of us do, anyway.

      • Nerds make money from Brooks Brothers (Score:5, Insightful)

        by Somervillain ( 4719341 ) on Wednesday July 08, 2020 @01:21PM (#60275756)
        As a professional software engineer, I work for a big tech company that does business with Brooks Brothers, so yes, they're very small in our customer portfolio, but if half the retailers I would never shop at go under, I am in some serious trouble. That is "tomorrow's problem" and maybe new customers will make up for the loss, but yeah, I am watching the news very nervously.

        If you're an engineer in a traditional "nerd" field, you're probably doing better than most in COVID. However, I never forget that my high salary is based on my company providing services to many less glamorous businesses, like retailers, car dealerships, restaurants, etc.

        While I am not a fan of BB, their money is as green as anyone else's. Quite frankly, the world is changing...more rapidly than most of us realize and are read for. Many of these businesses I never think about: BB, Sears, JCPenny, Macy's, KMart, etc...employ a lot of people and are a bigger segment of the economy that most of us realize. If they all disappeared today, we all would be in a world of hurt. I am of the opinion they're all dying companies...my hope is they die slowly enough that people can move to more successful employers in a low-pain way rather than some very abrupt, drastic, and aggregated events. Household names besides Brooks Brothers will not survive COVID....prepare for others. I just hope the losses trickle instead of flow.

        • Re: (Score:3)

          by cusco ( 717999 )

          Quite frankly, the world is changing...more rapidly than most of us realize and are read for.

          The issue in retail is strictly management's short-term mindset. Sears & Roebuck is probably the best example, they discontinued their catalog service for a one-time savings to temporarily bump up their stock price so that executives would get a better yearly bonus. They closed all their automobile service sites, not because they were losing money on the division (they weren't) but because they could lay off a large number of moderately well-paid employees all at once and get a nice bump from Wall Str

          • They are a great example of companies changing mindset after too many years. The founders experimented and explored, they brought out new things like a universal mail order catalog and tried to find ways to fill needs people didn't know they had.

            After generations and years, the focus became as you described instead of being hungry to fill customer needs.

            It is often the same at 3+ generation businesses. Those running it forget or never saw the importance of creating value.

            • Re: Nerds make money from Brooks Brothers (Score:5, Insightful)

              by cusco ( 717999 ) <brian.bixby@NOSpam.gmail.com> on Wednesday July 08, 2020 @02:44PM (#60276106)

              I've long been calling it "The MBA Disease", it's been destroying American business for years and now is spreading overseas. Business administration courses changed in the 1970s and executive reimbursement policies changed in the 1980s. Today the single emphasis is short-term gains to increase the stock price. Management plays Executive Musical Chairs the day their stock options vest, and expertise in an industry is no longer considered as much a necessity when selecting execs as personal connections. There are bankers running airlines, airline executives running software companies, and software execs running investment banks. In the incestuous world of corporate boards the CEO of Company A is also on the boards of Company B, C and D, approving the salary packages of the CEOs of those companies, who sit on his board and approve his. And everything is focused on the short-term rise in stock price, since the executives will all have cycled out to other companies within a decade there is no point in making an investment that will take longer than that to pay off.

              Excuse my while my cynicism runneth over.

          • Management resisted spending money on a shopping web site until long after everyone else in the business was already offering the service, and then they tried to do it on the cheap and insisted on in-store pickup rather than shipping to the customer

            The last thing I ordered from Sears (about 7 years ago) was like that. It was a Craftsman drill press that I ordered on their site, and would have to pick up from a local store. They said the store would have it in two weeks. Two weeks comes and goes, and I c

            • Re: (Score:2)

              by cusco ( 717999 )

              The management of Kmart were handed "retention bonuses" in the tens of millions of dollars during their restructuring. The justification was that the people with the most experience running the business (into the ground) were more important to retain than the front line employees who actually did the work.

    • I get better quality shirts from REI/Bean for 50 bucks less a shirt. And they're more breathable, comfortable, and utilitarian. The only thing Brooks ever sold that I genuinely wanted was their full and 3/4 length coats, but there's no way in hell I'm spending $800 dollars on a coat.

    • I'm actually curious on this. Does ANYONE here care about this? I mean, yeah they made some nice shirts. My father-in-law really likes the brand. But they are hardly the only place to get nice dress shirts. If you actually care about this, please let me know why. I am honestly -not sarcastically- interested in why you care.

      There sales were decent and their products good quality, if on the expensive side. I have some nice heavy jackets I bought really cheap on sale; and use them regularly. I can see why they are in trouble, they are trying to survive in a market that has moved away from suits and dress shirts to more casual office wear. I haven't worn a suit to work in years, I'm not sure if mine would still fit.

    • I just wonder why it's on Slashdot. A lot of generic news articles (lately?)

      • because nothing else is happening? (Score:4, Interesting)

        by Somervillain ( 4719341 ) on Wednesday July 08, 2020 @01:27PM (#60275778)
        The tech industry is stagnating. CPUs aren't improving like they used to. iPhone/Android releases are getting boring. I don't even know what's new with iPads and other devices lately. So yeah...if we had exciting new tech stories people care about, I am sure this would get pushed out, but slashdot has to pay bills and that means about a dozen or more stories a day...if it's a slow news day, I fully understand when they get into business and politics. I personally find both just as interesting.

        Also, remember, Brooks Brothers and all major US retailers buy a lot of tech services, computing devices, etc. They're a customer of my big tech employer...while I don't care about them individually so much, but if all the mall stores I'd never shop at go under, that would impact my employer and most tech companies substantially.

        The question is "is BB going under a BB-thing...or is it a start of a scary trend of major retailers going under?" If so, a retail-apocalypse is definitely news for nerds, both because of the major economic change as well as that means all the former mall customers will probably choose more tech-oriented retailers like Amazon.

    • Re: (Score:2)

      by celeb8 ( 682138 )
      I sure don't except to wonder wtf this is doing on Slashdot!

    • I'm actually curious on this...If you actually care about this, please let me know why. I am honestly -not sarcastically- interested in why you care.

      Serious question; why exactly do you "honestly" care about people's brand preference on a commodity item? Brand preference is one of those things humans can easily justify to themselves and yet often makes no sense to others. The "Supreme" brand, is the epitome of this behavior.

      Or perhaps this is yet another Why-Is-This-Story-HERE argument about the (formerly) Nerd-centric Slashdot.

      I care because 700 people are going to lose their job. Doesn't matter if you manufacture dress shirts or rubber dogshit. Su

      • I'm interested because I generally find the choices of human beings interesting.

        • I'm interested because I generally find the choices of human beings interesting.

          Humans are too dumb to learn from their own mistakes. Even the worst parts of human history, have more sequels than Fast and Furious.

          Observing predictable stupidity repeat itself, seems rather boring.

      • Re: (Score:2)

        by cusco ( 717999 )

        It's worse than most people think.

        https://www.alternet.org/2020/... [alternet.org]
        “Serious questions remain about whether PPP funds were equitably distributed to minority-owned businesses, and there is an alarming rate of small-dollar loans,” John Arensmeyer, founder and CEO of advocacy group Small Business Majority, said in a statement. “Nationally, a total of more than 21,800 small businesses, many with multiple employees, received a loan for under $1,000.”

        “To raise eyebrows even more,

        • “To raise eyebrows even more,” Arensmeyer added, “more than 1,200 of those businesses received less than $100—with some receiving loans as low as $1.00!" . . .

          1/3 of America didn't pay their rent/mortgage this month.

          Wonder how many shocked faces and raised eyebrows we'll find at banks when they start going out of business.

    • I have a few suits from Brooks Brothers. They're also just an institutional brand for men's clothing, and have been in the country for a long, long time, so it's sad/surprising to see them file for bankruptcy. It's like Toys'r'us going out of business or whatever. Ultimately it's just another company filing for chapter 11, but they have some relevance to me and to the clothing history in the US. Plus, it's not less relevant than half the other articles appearing on /. nowadays...
    • Some might say it's a reflection of an ongoing coarsening of our society. But yes, I care when I hear about 200 year-old business icons going bankrupt, whether they are traditional symbols of white male patriarchy or not. I think it's something worthy of thought.

    • Re: (Score:2)

      by Morpeth ( 577066 )

      I own two of their suits, and I have to say they are by far the nicest fitting and looking suits that I own. They were more expensive than other brands, but not obscenely so, definitely worth it. I don't wear them often, but usually get comments on them when I do.

      As far as does ANYONE care (not sure why you needed caps) of course -- the people who work in their stores, in manufacturing, sales and marketing -- duh. And yes, people who need high quality suits that are relatively affordable might care.

    • Re: (Score:2)

      by hawguy ( 1600213 )

      I'm actually curious on this. Does ANYONE here care about this? I mean, yeah they made some nice shirts. My father-in-law really likes the brand. But they are hardly the only place to get nice dress shirts.

      If you actually care about this, please let me know why. I am honestly -not sarcastically- interested in why you care.

      There are still lots of jobs where suits are commonly worn, so I'd assume that the people that need to wear a suit to work care about losing a large retailer where they could buy work clothes. I worked at one of those jobs less than 10 years ago (financial industry, I had to meet with customers and needed to suit up, but not every day) Yes, there are other retailers out there where you can buy a suit, but less competition in general means higher prices and less selection. Suits are one of those items that

    • Re: (Score:2)

      by fermion ( 181285 )
      It is indicative that we are not going back to what normal might have been. It is not like in H2GT2G where probability is restored and whatever problems ar3 your own

      It is not just COVID-19 that is their problem. They are inefficient and sold an expensive product to people with more disposable income than time. If you read the WSJ you will see equal clothing for mid management at a fraction of the price. It is just that people right now have more time than money n

      This is the same for ToyRus, Sears, the

    • Re: (Score:2)

      by shess ( 31691 )

      I'm actually curious on this. Does ANYONE here care about this? I mean, yeah they made some nice shirts. My father-in-law really likes the brand. But they are hardly the only place to get nice dress shirts.

      If you actually care about this, please let me know why. I am honestly -not sarcastically- interested in why you care.

      One thing I liked about them was that they seemed to have a consistent fit because they specced things end to end (more or less). These days the clothing industry is basically that a manufacturer makes a bunch of lots, they package them up and sell them to middlepeople, who turn them around to retailers, who sell them for three months and move on. Even if you buy a specific brand from a specific retail outlet, after six months or a year there's a good chance that the fit and finish of the product has chan

    • Other than Nordstroms and Men's warehouse, Brooks is by far the best for men's attire. Most of their clothes will last a long time.

  • The Drum and Bass duo. It would truly suck if these guys declared bankruptcy. I don't care about the menswear company.

    Here's their music.

    https://www.youtube.com/watch?... [youtube.com]

  • Seems like this company could still thrive. (Score:5, Insightful)

    by pecosdave ( 536896 ) on Wednesday July 08, 2020 @12:31PM (#60275568) Homepage Journal

    Considering the types of customers they have they could go more exclusive and thrive as a small company for a while and re-expand. Having a resume of the one they have they could leave a single shop near capital hill and make it. They could probably do more than just that if they really wanted. Charge more and make a waiting list that's hard to get on. In time they could expand again. This isn't an electronics company that can't make it without a certain level of adoption, they need to just "trim the fat", shrink, keep working, then grow again later.

    I'm not even a fan of business attire, I have complicated opinions about it, but in this case, this company can thrive making a small group of people a lot of money instead of being big overall.

    • Ultimately, they're in the business of making high-quality but basic work shirts and work clothes. Their attire & reputation are pretty trad, and if you go inside it's mostly older men. It's hard to go too exclusive with that, because who wants to pay $500 for a basic work shirt, no matter high quality it is? Sure there's some market, but it's very small, and Brooks Brothers, while having a famous history, isn't really that kind of brand...

      You can go into a Levi's (established in 1853) on Market Stre

      • There is a market for top-end materials and craftsmanship - the problem is BB simply isn't competitive in it anymore. See forums like askandy, reddits for malefashionadvice etc - plenty of people shopping for quality traditional clothes, just seems like they've just moved towards less compromising offerings.

        It seems like BB was more focused on competing with Express Men/Macy's with disposable non-stick fabrics and fully-fused suits aimed at customers who don't know/care about the difference.

        • As mass manufacturing improves there is very little room for a mid-priced competitor and with the internet providing independent reviews and connecting people to the global market its hard to trade on reputation alone. In the words of Ricky Bobby "your either first or your last" in retail that means your either the best and you can charge appropriately or your not and you better be cheap.

    • The problem is made-to-measure/bespoke shirt/suit making is quickly moving to online-only makers based out of Vietnam - these competitors are quickly building sophisticated online store fronts and combining them with english speaking customer service and premium fabric offerings targeted at discerning shoppers who know exactly what they want.

      BB has absolutely failed to evolve their MTM/Bespoke offerings - your best option is to wait for a travelling tailor to do a trunk show in your store, then shop out of

  • I literally thought of this yesterday, that if people aren't going to the office then they aren't buying suits, etc. and wondered if Brooks Brothers would stay in business.
    Nothing to add to the discussion otherwise...

  • Need to stock up (Score:5, Informative)

    by smooth wombat ( 796938 ) on Wednesday July 08, 2020 @12:40PM (#60275598) Journal

    I have bought their socks because they're decently priced and aren't the kind which hang around your ankles. Men in suits should not expose their leg when seated.

    I also need to update the few suits I have so it looks I need to make a dash to my local store and get at least one if not two.

    Shirts, for me, are their one area of issue. So many of what they have are either button down or plain colored. Years ago, at one of their outlets, I found shirts with color and bought three different ones. Every time I wear one of those shirts I get compliments because most men wear either white or blue.

    Trying to find anything decent to wear gets more difficult each year. This only adds to my issues.

    • Exactly this i live in the UK and have not shortage of good menswear shops. I sitll bought BB polo's and some of their italian suits were nice. I am sure I can probably get the same product somewhere else but it was convenient that they had 70% of what i wanted in one store.

    • I not only expose my legs when seated, I expose them at all times. And when the floods come everything'll come up Milhouse!

    • Men in suits should not expose

      What a conformist ....

      I found shirts with color and bought three

      Wow hold on there fashion revolutionist.

  • I guess Brooks Brothers new Linux build may never get released into the wild. How will this affect their response to the latest vulnerabilities?

    • Re: (Score:2)

      by Shotgun ( 30919 )

      i was going to ask if I bought 10 of their shirts, could I make a beowulf cluster out of them. Instead, I'm just going to pour hot-grits in my Brooks Brother's pants.

  • Perhaps Linus prefers their shirts?
  • 200 years in business and a few months of downturn sinks them?

    Billionaire owner, though. I'm sure he's sacrificed as well during these times.

  • Pant sales plummeted because people only bought zoom suits -- a jacket, shirt and tie without pants.

  • really? (Score:4, Funny)

    by smithcl8 ( 738234 ) on Wednesday July 08, 2020 @02:09PM (#60275978)
    How could a company that sold stuff that no one wore to work anymore, not make enough money when no one goes to work anymore?

    • How could a company that sold stuff that no one wore to work anymore, not make enough money when no one goes to work anymore?

      Because you might wear a nice suit if you're an Oracle salesman. Or, you might wear one if it's your wedding day (or if you're officiating one, or if you're one of the best men, all of whom are well-to-do). You might wear one to a job interview if you're salary negotiations are six figures. You might wear one if you're an attorney going to court to win a nine figure settlement. ...But, as you might have realized, none of *those* things are happening due to Covid, either.

  • With so many people working from home "business formal" means sitting in front of a laptop in shorts and a t-shirt.

  • Great opportunity! Turn all their locations into server farms!

  • They should've downsized to keep the tradition running and rehire their tailors once custom suits become the thing again. Fashion doesn't take long to come back around to classics and if you've been in the fashion business for 200 years you should be aware of this. They probably own some building that is 10x the worth of the entire company if they're 200 years old which really makes me wonder what accountant screwed up so badly here or is there something fishy going on in managemen? Buyout coming for that deluxe real estate? ... Yes, Covid 19 and all, but this really doesn't sound right.

    • They probably own some building that is 10x the worth of the entire company if they're 200 years old

      Puhlease. Any MBA worth their degree would have sold that building and leased it back years ago to prop up the stock price with a short term gain.

      But jokes aside, no what you're thinking isn't the reality at all. Age does not come with some inherent value. Age does not come with some inherent expertise (the employees aren't 200 years old, they are likely young people and idiot MBAs like in any other company). And Age does not somehow determine your survivability in a crisis.

      At most age provides your brand n

  • In the before time when I was actually wearing pants, I still wouldn't wear a pair of their pants to work. I suspect that I probably could have gotten away with not wearing pants back then, either. At least in a couple of the positions I worked in.

  • >"But it has been decimated by the coronavirus pandemic"

    Decimated by the reaction to and policies about the coronavirus pandemic.

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