EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJul 09, 2020
Brooks Brothers Latest Retailer To File Chapter 11
The 202-year-old company, known for its classic suits, owns the Alexis Bittar and Carolee jewelry brands.
Brooks Brothers, which owns Alexis Bittar and Carolee, filed for Chapter 11 bankruptcy protection Wednesday. Pictured here are Carolee earrings from the fashion jewelry brand’s fall 2018 collection.
New York—Long hurt by Casual Fridays and hampered by COVID-19 in its efforts to find a buyer, Brooks Brothers and its fashion jewelry subsidiary have filed for bankruptcy protection.
The 202-year-old company, known for its stylish suits and preppy casuals, filed for Chapter 11 bankruptcy protection Wednesday in U.S. Bankruptcy Court in Delaware, with the goals of obtaining new financing and quickly finding a buyer.
“Like countless other retail companies, Brooks Brothers’ business has been impacted by significant operational and manufacturing challenges, as well as shifting retail industry trends in recent years,” said the retailer’s Chief Restructuring Officer Stephen Marotta of Ankura Consulting Group LLC in an affidavit filed Wednesday.
In 2019, Brooks Brothers began looking for a buyer or a merger opportunity but the onset of COVID-19 derailed that effort, making the storied-but-struggling retailer the latest to seek protection under Chapter 11.
“Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture,” Chairman and CEO Claudio Del Vecchio said in a company statement.
“Seeking protection to facilitate an efficient sale of the business is the best next step for the company to achieve its goals, over any other alternative.”
Brooks Brothers said it has secured commitments from investment company WHP Global for $75 million in debtor-in-possession financing, a type of financing extended to companies in distress overseen by the lender and subject to court approval.
The financing together with cash flows from ongoing operations will support it through the sale process, said the company.
The retailer is going to hold an auction where parties can submit qualified bids, and said it expects to complete the sale process in the next few months, pending court approval.
To our loyal customers. pic.twitter.com/OcAqFbu8v2
— Brooks Brothers (@BrooksBrothers) July 8, 2020
Filing alongside Brooks Brothers Group Inc. was jewelry subsidiary Deconic Group LLC, which manufactures, merchandises, markets, sells and licenses the Alexis Bittar and Carolee fashion jewelry brands.
The brands are sold online, at stores like Nordstrom and Bloomingdales, and through nine retail stores located in the Northeast, Midwest and in California. Deconic also leases an office and manufacturing facility in Brooklyn’s Industry City development and a showroom in Manhattan.
Brooks Brothers acquired Carolee LLC in 2001 and, under Carolee, Alexis Bittar in 2016. It overhauled its fashion jewelry business in 2017, relaunching as Deconic.
Deconic brought in approximately $15 million in
revenue for the fiscal year 2019, accounting for less than 2 percent of overall sales for Brooks Brothers, court papers show.
Asked about the future of Deconic, a company spokesperson noted the bankruptcy filing is “a sale process, not a liquidation of Brooks Brothers or Deconic’s brands.”
“Deconic will continue to do business as usual for the time being [and] we do not expect this to interrupt our ability to deliver the brands Alexis Bittar and Carolee,” the spokesperson said.
RELATED CONTENT: The Latest on the Neiman Marcus, JC Penney Bankruptcies
Founded in 1818 as H. & D.H. Brooks & Co. in New York, Brooks Brothers is the oldest apparel company in the United States, it noted in the bankruptcy filing.
The company operates about 425 retail and factory outlet stores worldwide, including 236 in the United States.
Like so many retailers, it closed nearly all of its stores when the pandemic hit and furloughed 2,900 of its 4,025 employees worldwide.
It said Wednesday that 51 of its 236 U.S. stores, or 22 percent, have closed or are in the process of closing permanently, while the others will reopen “as local and state public health and government officials allow and as it is economical to do so.”
Asked about the future of Deconic, a company spokesperson noted the bankruptcy filing is “a sale process, not a liquidation of Brooks Brothers or Deconic’s brands.”
“Deconic will continue to do business as usual for the time being [and] we do not expect this to interrupt our ability to deliver the brands Alexis Bittar and Carolee,” the spokesperson said.
RELATED CONTENT: The Latest on the Neiman Marcus, JC Penney Bankruptcies
Founded in 1818 as H. & D.H. Brooks & Co. in New York, Brooks Brothers is the oldest apparel company in the United States, it noted in the bankruptcy filing.
The company operates about 425 retail and factory outlet stores worldwide, including 236 in the United States.
Like so many retailers, it closed nearly all of its stores when the pandemic hit and furloughed 2,900 of its 4,025 employees worldwide.
It said Wednesday that 51 of its 236 U.S. stores, or 22 percent, have closed or are in the process of closing permanently, while the others will reopen “as local and state public health and government officials allow and as it is economical to do so.”
More on Majors
The Latest
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
