As a result of store closures and poor online sales due to the COVID-19 pandemic, the company filed for bankruptcy protection in July 2020. Brooks Brothers announced in August 2020 that it would be purchased by Authentic Brands Group and by SPARC Group LLC (Simon Properties Authentic Retail Concepts Group LLC), a joint venture between Authentic Brands Group and Simon Property Group.^[1][7]

On April 7, 1818, at the age of 45, Henry Sands Brooks (1772–1833) opened H. & D. H. Brooks & Co. on the northeast corner of Catherine and Cherry streets in Manhattan. He proclaimed that his guiding principle was, "To make and deal only in merchandise of the finest body, to sell it at a fair profit, and to deal with people who seek and appreciate such merchandise." In 1833, his four sons, Elisha, Daniel, Edward, and John, inherited the family business and in 1850 renamed the company "Brooks Brothers."

The Golden Fleece symbol was adopted as the company's trademark in 1850. A wooly sheep suspended in a ribbon had long been a symbol of British woolen merchants. Dating from the fifteenth century, the image had been the emblem of the Knights of the Golden Fleece, founded by Philip the Good, Duke of Burgundy. In classical Greek mythology, a magical flying ram, or Golden Fleece, was sought by Jason and the Argonauts.

In its early history, Brooks Brothers was known for introducing the ready-to-wear suit to American customers. In the mid-nineteenth century, Brooks Brothers outfitted United States President Abraham Lincoln and considered him a loyal customer. At his second inauguration, Lincoln wore a coat specially crafted for him by Brooks Brothers. Hand-stitched into the coat's lining was a design featuring an eagle and the inscription, "One Country, One Destiny." He was wearing the coat and a Brooks Brothers suit when he was assassinated. As a supplier of soldiers' uniforms during the Civil War, Brooks Brothers became a target of outrage for its allegedly shoddy production. With a contract from New York State to supply uniforms for the New York Volunteers, Brooks Brothers took shredded and sometimes decaying rags, glued them together and stitched them into uniforms. They would fall apart in the rain and were the subject of ridicule from other regiments.

The last member of the Brooks family to head the company was Winthrop Holly Brooks, who ran the company from 1935 until its sale in 1946, when the company was acquired by Julius Garfinckel & Co. Although Winthrop Brooks remained with the company as a figurehead after the acquisition, John C. Wood became the director of Brooks Brothers. Just prior to that, Wood had been the carrier of the papers for the Dumbarton Oaks Conference. Under the leadership of Wood, Brooks Brothers became even more traditional. Wood notably stated "They call us conservative, but we think that our styles are simply lacking the bizarre. We deal in what a man should wear, not what some women think he should wear."

By 1971, eleven Brooks Brothers stores were in operation and located in Manhattan, Chicago, Boston, San Francisco, Pittsburgh, Los Angeles, Atlanta, Washington, D.C., and St. Louis as an integral part of the retail conglomerate Garfinckel, Brooks Brothers, Miller & Rhoads, Inc., that held the company until 1981 when it was acquired by Allied Stores.

Ralph Lauren began his career as a salesman at the Brooks Brothers Madison Avenue store. Brooks Brothers later sued Polo Ralph Lauren to retain its rights to the original polo button-down collar shirt.

Brooks Brothers was acquired by the British firm Marks & Spencer in 1988. In the mid 1990s, the company's executives removed the signature Golden Fleece logo from the brand's cotton knit polo shirts, though it was later restored.

In 2001, Marks & Spencer sold Brooks Brothers to Retail Brand Alliance ("RBA"), now known as The Brooks Brothers Group, a company privately owned by Italian billionaire Claudio del Vecchio (son of Luxottica founder Leonardo del Vecchio). Along with Brooks Brothers, RBA comprised Carolee, a designer of jewelry for department stores and specialty stores. In 2007, RBA sold its high-end women's brand Adrienne Vittadini.