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The 202 year-old clothing retailer Brooks Brothers is in talks with banks about raising financing for a potential Chapter 11 bankruptcy filing amid the coronavirus pandemic, according to a report by CNBC.
The bankruptcy filing could come as soon as July, the report said.
A Brooks Brothers spokesperson did not immediately respond to a request for comment.
CNBC reported Brooks Brothers launched a sale process of the company earlier this year and could still follow through without filing for bankruptcy. Brooks Brothers CEO Claudio Del Vecchio also told The New York Times earlier this week that bankruptcy was not out of the question.
There are currently 11 Brooks Brothers’ stores in New Jersey, according to its website. The retailer is currently offering up to 30% off on select items for Father’s Day 2020 and also selling face masks in packs.
JCPenney, Neiman Marcus, Pier 1 Imports, and J.Crew all have filed for bankruptcy during the coronavirus pandemic, while GNC and New York & Company warned that bankruptcy is a possibility.
Brooks Brothers was founded in 1818, according to its website.
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