Store closings, bankruptcy cases pile up for business wear retailers during COVID-19: Are dress clothes gone for good?

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Dressing up is being dressed down – and that’s bad news for retailers that specialize in traditional office clothes.

Take Men’s Wearhouse. In 2011, 1 in 5 suits sold in America were purchased at one of the company’s more than 1,200 stores, according to a court filing.

Jamie Johnston is among them. Johnston, a Toronto real estate agent, remembers a time not too long ago when the area surrounding his downtown office was swarming with people in suits. Those days now feel like a distant memory. But some retailers say the decline in celebratory events is hurting them more than the pivot toward casual wear in the work-from-home environment.

The company is expected to close at least 50 stores – and possibly more. Brooks Brothers recently announced it had arranged tentative deal to sell itself for $305 million to SPARC Group, a conglomerate including mall owner Simon Property Group and Authentic Brands, which used a similar strategy to rescue fashion chain Aeropostale. SPARC has said it plans to acquire at least 125 of Brooks Brothers’ 424 stores globally.

 

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As a registered democrat I like to dress up in my underwear drawers and collect my Government checks in comfort at home while wearing an approved mask.

Digital world is bad news for a newspaper company like you as well. Bankruptcy on the horizon.

A wise man once said:

Omelette

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