“Ivy was a huge clothing phenomenon in the mid-20th century,” said Avery Trufelman, host of the podcast “Articles of Interest.” “And over time, it evolved into what was in the ’70s and ’80s called ‘preppy style,’ and what I argue now almost has no name at all.”

The 200-year-old company has been hit hard by the pandemic. But suit sales have been on the decline for years.