Brooks Brothers, the pioneer of the polo, filed for Chapter 11 bankruptcy on Wednesday as it continues to search for a buyer.
The company, known for its office-casual look, said the pandemic has halted a sales process begun in 2019.
"Over the past year, Brooks Brothers' board, leadership team, and financial and legal advisors have been evaluating various strategic options to position the company for future success, including a potential sale of the business," a spokesperson for the retailer said. "During this strategic review, COVID-19 became immensely disruptive and took a toll on our business."
The company has already closed 51 of its 250 stores in North America. It has more than 500 stores worldwide and employs more than 4,000 people.
"We are in the process of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future," the spokesperson said. "It is critical that any potential buyer aligns with our core values, culture, and ambitions. Further details on the sale process will be made available in the coming days."