On Wednesday, Brooks Brothers filed for bankruptcy.
It was in business for over 200 years.
The coronavirus pandemic has hurt the retailer's business.
Business Insider reports the company has been considering strategic options for about a year.
"It has become increasingly out of step with a new generation of consumers who are looking for a more edgy approach to smart casual," Neil Saunders, managing director of GlobalData Retail, said in emailed comments.
Brooks Brothers filed bankruptcy on July 8th. The company is over 200 years old. Sparc Group LLC made a "stalking horse bid" of $305 million to purchase bankrupt suiting company Brooks Brothers Authentic Brands Group expressed interest in purchasing the company on July 11. Sparc Group has previously purchased other bankrupt retailers including Aeropostale and Forever 21.
Men's clothier Brooks Brothers filed for Chapter 11 bankruptcy on Wednesday, joining a long list of retailers including Neiman Marcus that have crumbled under the impact of the coronavirus crisis. Fred Katayama reports.
The parent company of Men's Wearhouse and Jos. Bank is eyeing filing for bankruptcy. Tailored Brands was facing sales challenges even before office workers started working from home and events like weddings were postponed. Business Insider reports a number of workwear and special events clothing is struggling amid the novel coronavirus COVID-19 pandemic. Brooks Brothers is considering closing three factories in July, and Banana Republic was a low point of Gap Inc.'s earnings report last week.
Business Insider reports the US economy could see a sharp drop in consumer spending in the coming months. That's because personal income for millions of Americans is about to take a serious hit. Enhanced unemployment benefits that gave millions of consumers an additional $600 weekly lapsed at the end of July. What's more, the US government appears far from passing a new stimulus package that would give consumers more funds.
Making cookies isn't always easy. Business Insider spoke to bakers and compiled a list of common mistakes people make when baking cookies. By not chilling the dough could be messing with the texture of your cookies. Overcrowding the pan can lead to some wonky cookies. Avoid overmixing or undermixing the dough. Using stale baking powder or soda might make cookies fall flat. Don't forget to adjust baking time if using dark colored baking sheets.
On Tuesday, spot gold briefly touched a record high of $2,000 an ounce. Traders consider gold a "safe-haven asset." There is hope another US stimulus bill is in the works. A bill could put further liquidity into markets and weigh on rates, supporting the commodity. Business Insider reports that Gold has surged nearly 32% year-to-date.
7-Eleven's parent company is buying Speedway gas stations in a $21 billion all-cash deal. After tax, the deal will bring in roughly $16.6 billion for Marathon Gas. Marathon hopes to use the sale to "strengthen [the] balance sheet." Business Insider reports the deal will create a 7-Eleven presence in 47 of the top 50 most populated metro areas With the addition of Speedway locations, Seven & I Holdings will have roughly 14,000 locations in the US and Canada.
Business Insider reports that American Express gave more cardholders access to its Pay It Plan It and Pay Over Time tools. Providing greater payment flexibility could boost Amex's payments volume despite the pandemic. AMEX has announced that its Green, Gold, and Platinum cardholders now have access to its Pay It Plan It offering.