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Facing bankruptcy as early as July, Brooks Brothers is in talks with several banks concerning debtor-in-possession financing, according to CNBC.

After being in business for more than 200 years, Brooks Brothers is also moving forward in its sale process, which has received a large amount of interest. The financing the company looks to receive from banks will help it secure court protection, as well as funding closing operations.

Chief Executive Claudio Del Vecchio spoke to The New York Times, and stated that a Chapter 11 bankruptcy filing wasn’t the company’s first option, but still a consideration. The self-proclaimed oldest clothing retailer in the U.S. hired investment bank P.J. Solomon to further investigate financing options.

Insiders say that many prospective buyers are more interested in buying the company out of bankruptcy; thus, securing an opportunity to acquire a smaller percentage of Brooks Brothers. With more than 250 stores in North America and 500 across the globe, the company may be looking to file for bankruptcy with a “stalking horse” bidder, allowing more bids to enter the floor.

A Brooks Brothers spokesman said, “in the ordinary course of business, Brooks Brothers consistently explores various strategic options to position the company for growth and success.”

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