Booker Brothers, a well-known US clothing brand, filed for bankruptcy protection On Tuesday, becoming the latest US brand to fall in the coVID-19 outbreak.

The Booker Brothers, founded in 1818, claim to have been worn by 40 US presidents and "countless" investment bankers. However, the 200-year-old is facing increasing cost pressures, including rent, and sales have been hit hard by the coVID-19 outbreak.

A spokesman for the brothers said: "Over the past year, the board, management and financial counsel of the Brothers have been exploring strategic options for the company's future, including a sale."

In the process, the spokesman said, the coVID-19 outbreak hit, making things worse. "We are looking for the right buyer to take the historic Brooks Brothers brand into the future."

CNBC has reported that there has been interest from potential buyers, including Authentic Brands in the US. However, the brand manager wants to slim down the number of Brooks Brothers stores before buying.

Booker Brothers employs more than 4,000 people in more than 500 stores around the world.

In early April, The company began evaluating which of its roughly 250 Stores in North America should close, CNBC reported. Considering coVID-19, the Booker Brothers decided to close 51. Most of these shops have already begun to close. Booker Brothers has moved inventory from these stores to distribution centers, while it reopens stores closed because of coVID-19.

Booker Brothers had more than $991 million in sales last year, about 20 percent of which came from online sales. The brand has retail deals with Macy's and Nordstrom, and supplies uniforms to companies like United Airlines and Netjet.

The company will stop production at plants in Massachusetts, North Carolina and New York until August 15. These factories make suits, ties and shirts. About 7% of the Brothers' goods come from these factories.

Booker Brothers is the latest American company to be devastated by the epidemic. Among the retailers that have filed for bankruptcy protection in the past few months are Neiman Marcus, J.Sanford C. Apparel Group and Jc Penney Co.