The company cited stagnant profits since 2017 and changing shopping trends, with consumers switching to online shopping rather than in-store.
Lucky Brand and Brooks Brothers are just the latest name brands to fall to the economic impact of COVID-19. Earlier this year, Neiman Marcus, 24-hour Fitness, and even Chuck E. Cheese announced bankruptcies, among others.
And while a few dozen big name companies have crumbled so far, small business are dropping by the thousands. According reporting by the Washington Post, more than 100,000 small businesses have already folded. And we’re likely to see more closing in a domino-like effect as the pandemic rages on.
