10 of the Most Regrettable Bankruptcies in Fashion So Far

As 2020 draws to a close, it is worth considering how much of a sea change has occurred within the fashion industry’s top ranks over the last year. In the wake of COVID-19 and a growing shift towards online sales, several major retailers and fashion houses have closed their doors for good. Sadly, bankruptcy lawyer marketing firms have their work cut out for them as their field grows; we’ve lost a lot of fashion greats over the past years, and the list is growing. Here are just 10 of the most regrettable fashion bankruptcies of 2020.

1. Brooks Brothers

Over the last 200 years, the Brooks Brothers brand became synonymous with a particularly American strain of aristocratic elegance. Indeed, the company singlehandedly pioneered an informal and uniquely American fashion movement known as the Ivy League style. Popular with the upper classes of the United States, the company’s suits and shirtings were the top choice of Harvard students, corporate lawyers, and presidents for generations. 

2. Lord & Taylor

A major Manhattan cultural institution and visible Fifth Avenue landmark for over a century, Lord & Taylor was the first department store to open in the United States. The company has remained one of the most sophisticated and important clothing providers in the US since its founding in 1826; its Christmas window displays have been a legendary part of New York culture for over 100 years. 

3. Ascena Retail Group

Home to first-rate companies like Ann Taylor and Lane Bryant, Ascena Retail has become one of the biggest clothing conglomerates in the world over the course of its history. Ascena got its start as a single Dressbarn outlet in Connecticut in the early 1960s; catering to a new generation of upwardly mobile and career-oriented women, the company gained significant popularity over the next several decades. Undoubtedly, the company’s bankruptcy marks a turning point in the history of women’s fashion in the United States. 

4. Lucky Brand Dungarees

Over the course of its relatively short history, the Lucky Brand company revolutionized the way in which high-fashion jeans could be sold to the public; long before Gap brand jeans became a mainstay in suburbia, in fact, Lucky Brand essentially pioneered the “distressed denim” look. 

5. Stein Mart

Popular among generations of shoppers keen to find great deals on high-quality clothing, Stein Mart excelled at providing fashion goods with mass appeal and durability. The company’s unpretentious offerings were miles away from the high-fashion styles of Paris or Milan. But the company’s diehard customer base loved Stein Mart’s simple approach to fashion. 

6. Neiman Marcus Group

Although the company became one of the preeminent fashion retailers in the United States, the Neiman Marcus Group had humble origins in Dallas, Texas. Indeed, an oil boom around the turn of the 20th century led well-heeled Dallas families to seek out the company’s high-end clothing styles. From there, Neiman Marcus launched a series of highly successful department stores and acquired companies such as Bergdorf Goodman.

7. ALDO Group

As one of Canada’s largest corporations, ALDO revolutionized high-fashion footwear for generations of shoppers. The company’s distinctive shoe styles were daring but universally accessible. Whatever you thought of ALDO’s approach to shoe design, you could never accuse the company of being boring. 

8. J. Crew

Like the Ivy League style that companies like Brooks Brothers pioneered, J. Crew’s aesthetic was central to the development of a uniquely American approach to fashion. The company’s “preppy” style ethos drew influence from generations of Ivy League fashion accoutrements. But J. Crew also had an accessible approach to fashion that helped bring preppy style to the masses. It also made the store a suburban mall staple. 

9. JCPenney

A major source of clothing for the American public at large, JCPenney was always seen as one of the most reliable clothing outlets in the United States. With a business model centered around simple clothing styles sold for affordable prices, JCPenney had a universal appeal that rivaled big-name fashion houses. The company was a fixture of suburban shopping malls for generations. 

10. Diesel

Like Lucky Brand, Diesel has dominated the high-end denim market in the US for the last several decades. Originally founded in Italy, the company was known for its high-quality jeans and relatively affordable prices. As one of the most egalitarian fashion retailers in the world, Diesel brought upper-class styles to a wider market

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