The UK division of US business attire retailer Brooks Brothers had gone into administration, after suffering from a lack of demand for its products as people worked from home.
Begbies Traynor were yesterday appointed the company’s administrators, website Bisnow first reported.
“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,” Asher Miller, one of the administrators handling the administration, told Bisnow in a statement.
Miller said he was interested in selling the business to interested parties, and that from Monday, when nonessential retail is allowed to open, the administrators will open three stores at the 02 Arena in London, Westfield in West London, and Bicester.
The retailer’s Regent Street lease was surrendered last month.
Last July its US parent company filed for bankruptcy and the following month was bought for around $325m in a joint venture between Authentic Brands and Simon Property.
Fellow American fashion retailer Gap is mulling becoming an online only business in Europe as it tries to save cash while dealing with a sales slump brought on by the Covid-19 pandemic.
The pandemic has proved a really tough period for retailers, with many well-known brands filing for administration.
Just last month camera shop Jessops filed for administration, putting 17 stores and 120 jobs at risk.