Iconic clothing franchise Brooks Brothers is nearing a bankruptcy filing that could take place as early as this week, sparking a possible bidding war for the troubled company, FOX Business has learned. Private equity firm Solitaire Partners is in talks with the haberdasher to make a bid once a possible chapter 11 filing has been made. Founded in 1818, the fabled brand is part of the fabric of American retail history — outfitting 41 of the 45 U.S. presidents from James Madison to Barack Obama. Most recently, President Donald Trump wore a Brooks Brothers suit on his Inauguration Day. Despite its storied reputation, Brooks Brothers is in a slump — with company sales hovering around $1 billion since 2017. And analyst estimates suggest sales will be down 30 percent this year as the recession continues. Even the company’s most optimistic efforts don’t show it making a profit until 2022.
