Brooks Brothers has fallen. Sales have declined; Factories, closed, and thousands of employees, furloughed or fired. Bankruptcy now seems imminent.

Founded in 1818, Brooks Brothers clothed Civil War soldiers, U.S. presidents, and it was integral in the development of prêt-a-porter menswear. The fashion house was a foundation stone of what it meant to be “preppy”

What does Brooks Brothers’ demise tell us about consumer behavior—and the decline of taste and manners? More broadly, what does it spell for the human condition, to be enveloped in plastic, uniform garments, that suck the soul dry of aspiration, and any connection to tradition and meaning. Should luxury be defended? The panelists discuss.