Men's clothier Brooks Brothers files for bankruptcy

Men's apparel brand 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.

Brooks Brothers, which has dressed nearly 40 former U.S. presidents including John F. Kennedy and Barack Obama, has been around for more than 200 years, making it one of the oldest U.S. clothing retailer.

In a court filing, the company stated that it had assets and liabilities between $500 million and $1 billion.