Savile Row tailor Gieves & Hawkes is facing the threat of closure due to its parent company’s financial problems.
Without a new backer, the 250-year old firm and its sister firm Kent & Curwen could be wound up, according to The Times.
The tailor’s Chinese owner Trinity Limited is controlled by the Shandong Ruyi Technology Group, presently weathering a debt crisis.
There will be a vote in Hong Kong on November 4 to determine what happens to the brands.
Liquidators are searching for a buyer while a restructuring firm has been recruited.
A restructuring firm has been called in as liquidators seek a buyer. A source said there had been a fruitless attempt to find another Chinese business with links to Shandong Ruyi that could take over the tailoring companies.
The Times’ source said they were “confident” a buyer could be found. “It is a strong heritage name and has been trading well since reopening. The problem has been getting a formal sale process under way. This winding-up process should provide certainty.”