Brooks Brothers Files for Bankruptcy After 202 Years of Business

Brooks Brothers, one of the United States’ oldest and most prestigious retailers, filed for Chapter 11 bankruptcy Wednesday after 202 years, CNBC reported.

The retailer, credited with dressing 40 U.S. presidents since its founding in 1818, had already been burdened with rising rent when it was devastated by the coronavirus pandemic, which sunk the company’s potential sale, according to CNBC.

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May Retail Sales Jumped 17.7 Percent, Double the Forecast As States Came Out of a Lockdown-Induced Hibernation

Retail sales rebounded in May as states eased coronavirus-induced lockdown measures, allowing retail stores to regain more ground than analysts expected, according to Department of Commerce data.

Retail sales jumped 17.7% in May, effectively doubling expectations and marking the biggest single-month gain in records going back more than 20 years, according to a Commerce Department report released Tuesday. A Bloomberg News survey of economists had anticipated 8.4% increase in retail sales in May as COVID-19-related measures melted away following a 14% decline in April.

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Tennessee Lifts Restaurants and Retail Capacity Restrictions

Gov. Bill Lee announced Friday that Tennessee is lifting its capacity restrictions for restaurants and retail on May 22.

“Tennesseans have worked incredibly hard to do their part and help slow the spread of COVID-19 so that our state can begin to reopen. Thanks to their continued efforts, we’re able to allow restaurants and retail businesses to operate at greater capacity and large attractions to open in a safe and thoughtful way,” Lee said.

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