Brooks Brothers Is the Latest Apparel Company to File for Bankruptcy -- Is Macy's Next?
Retail apparel companies seem to be dropping like flies, and the difficult operating environment induced by the pandemic might soon claim even more victims.
Storied menswear retailer Brooks Brothers announced this week that it is seeking Chapter 11 bankruptcy protection, while it reorganizes and looks for a buyer. Many other companies that were struggling even before the COVID-19 crisis might be on their way toward a similar outcome -- and in this industry, Macy's (NYSE: M) could be next.
Macy's was once one of the biggest names in retail, given its huge footprint with hundreds of department stores, most of them mall anchors. Its flagship Herald Square store in New York City is a tourist attraction that takes up an entire block of Manhattan real estate (property valued at over $3 billion, according to one analyst).
Source Fool.com
