I think there are parallels between AE and BB. Originally geared for "traditional look" buyers, both expanded into a great many retail outlets, both moved some production overseas, both started chasing fashion trends to broaden their appeal; both started an endless cycle of heavy discounting. I won't bring up QC.
PE groups - as a rule - want to come in, make numbers look better, then flip. Frequently that comes from messing with inventory and product lines chasing supposed efficiencies and decreasing payroll, which eventually (sometimes quickly) leads to decreased customer service and then reduced customer satisfaction. They really aren't wired to make a company smaller, with fewer retail channels, and improved quality control. It simply isn't what they usually do. And if some buyer wanted to do just that, they would have to pay more than necessary for their new scheme to work.
In other words, if I wanted to buy BB or AE to "make it smaller but better" I'd still be bidding against the next PE group wanting to buy it to make it larger and worse. And the price would be significant. The brand still has value to be exploited until every ounce of goodwill is wrung out of it, until it is finally 100% overseas (or its suppliers are) and of much poorer quality and/or finally goes out of business all together. Like Florshiem or Hanover. So if I wanted to buy BB and turn it into J Press (or the old BB) I'd have to outbid all the PE groups who want to turn it into H&M and flip it. I can't pay that price simply so I can close a bunch of stores, lose a lot of sales. Not unless I was a zillionaire on some sort of quest for personal amusement. Like some collector paying a ton for some vintage car he has no intention of ever selling.
So, I see no future for BB to go back to what it did well. It is too big. This is what happens when heritage brands decide they want to be in lots of malls (I'm looking at you Neiman-Marcus). They change into something else and then are no longer the company that made them popular in the first place.
Also, I don't see bankruptcy as a long term solution. Companies that reorganize and then succeed usually have big debt problems but otherwise a decent working model. They make some widget that people still want to buy but the company has saddled itself with debt. Restructure that and they can still go out and make and sell their widgets. BB's problem is a flawed concept. They moved into coast to coast brick and mortar stores and ran into fast fashion and there's no going back. Bankruptcy won't fix that.
Which is a shame. I really like Brooks Brothers. Or at least, I like the idea of how Brooks Brothers used to be.
One of the best assessments I've read. Thanks for posting!