The famed clothing retailer Brooks Brothers has been forced into discussions with banks in which it is warning that if it’s not provided with new working capital, it faces bankruptcy. The end could come as soon as July by some reports, which could spell the end of a fabled company founded over 200 years ago. The company has been trying to find a buyer for some time now and would not rule out the potential for a deal to be completed, but at the same time also preparing for the potential need to request court protection from its creditors. Brooks Brothers still doesn’t know how many stores it will need to close to avoid the worst, nor how much it will require in financing. Its CEO told the New York Times he didn’t want to place the company in bankruptcy, but could not rule that possibility out. Media reports claim that some potential buyers are waiting for bankruptcy proceedings to begin before making bids as they don’t want to have to buy all of the stores as part of the deal.
