Brooks Brothers, the retailer known for dressing the great and good of the United States since 1818, filed for bankruptcy on Wednesday, buckling under the pressure from the coronavirus pandemic following years of declining sales as customers embraced more casual apparel and sales shifted online.

The company, founded and based in New York, filed for Chapter 11 restructuring proceedings in the United States Bankruptcy Court for the District of Delaware.

Claudio del Vecchio, the Italian industrialist who bought the brand in 2001 and still owns the company, told The New York Times in May that he would not rule out Chapter 11 as a possibility.

Brooks Brothers said in an emailed statement on Wednesday that the filing would allow it to obtain additional financing as it facilitates a sale.

The bankruptcy represents the latest high-profile retail fall during the pandemic, which has caused widespread store closures and sales declines, reshaping the shopping streets of cities across the country. Since May, major names like J.C. Penney, Neiman Marcus and J.Crew have all been pushed into Chapter 11 proceedings. The chains, including Brooks Brothers, plan to keep operating, though likely in a pared-back fashion.

“Brooks Brothers is the most iconic American brand,” said William Susman, managing director at Threadstone Advisors. “While in a different form, I am confident the brand will survive and continue for years to come. This is a case of a failed company, not a failed brand,” he added.

New York Times news Service