Britain is one step closer to losing an important part of its sartorial history and culture. The parent company of the 250-year-old tailor, Gieves & Hawkes has been put into liquidation.

Trinity Group, which owns the prestigious tailor and other brands like Kent & Curwen and Cerruti has revealed on Monday that it has brought in FTI Consulting and R&H Services as joint liquidators to access the financial situation of the company. A potential restructuring of the group is on the table as well. The company revealed this in its filings to the Hong Kong Stock Exchange.

According to Reuters, lender Standard Chartered pulled in the two firms after the Trinity Group failed to find a buyer for the storied tailor. That being the case, the brands under the Group face potential closure.

• READ MORE: Gieves & Hawkes’ Closure Spells an End of British Savoir-faire

All hope is not lost, however, as a report last year indicated that Marks & Spencer is looking to buy out Gieves & Hawkes. The British retailer had earlier bought over the clothing brand Jaeger as part of its strategy of building up a third-party brand portfolio according to the same news outlet.

If a deal is struck, WWD reported earlier that Gieves & Hawkes’ brand name could be retained but its archive will be sold off at an auction to collectors. Should Marks & Spencer continue its interest in the tailor, the brand could enrich its tailoring department. The two British brands have worked together before and one of Gieves & Hawkes’ tailors even designed a menswear collection for Marks & Spencer.

It would be a pity if Gieves & Hawkes could not be saved as it would be a loss for Britain’s culture and history.

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