Brooks Brothers, the oldest apparel company in the nation, has reportedly closed eight stores and is now looking to close three of its U.S. factories.

The retailer filed WARN notices to lay off about 700 workers at its Long Island City, New York; Garland, North Carolina; and Southwick, Massachusetts; plants as it looks for a buyer for the three factories, The New York Times reported. If Brooks Brothers is unable to find a buyer for the factories, it is expected to close the facilities, the news outlet said.

A spokesperson for Brooks Brothers told Business Insider, “We delivered WARN notices to the impacted employees in order to provide workers with sufficient time to prepare for potential loss of employment. This decision is subject to change, should alternative solutions be uncovered in the near-term.

“The factories are incredibly meaningful to our heritage and we value our employees. All opportunities on the table are still being explored to avoid this difficult outcome,” they added.

Brooks Brothers has been teetering towards bankruptcy, recently securing a loan from Gordon Brothers for $20 million, but is still weighing a Chapter 11 filing as it looks to restructure its business. A bankruptcy filing could come as soon as July as the retailer is reportedly looking to secure debtor-in-possession financing.

Brooks Brothers temporarily closed all its stores in March because of the coronavirus pandemic and reportedly furloughed about 80% of its staff following the move. The company was considering bankruptcy restructuring prior to the COVID-19 crisis as it saw stagnant sales from 2017 to 2019, the Times said.

The stores that Brooks Brothers has closed include (via Business Insider):

Arizona

  • Tucson: 2905 East Skyline Drive

Connecticut

  • Darien: 987 Boston Post Road
  • Westport: 125 Main Street

Florida

  • Palm Beach: 225 Worth Avenue

Massachusetts

  • Boston: 75 State Street

New York

  • New York: 901 Broadway
  • Greenvale: 412 Wheatley Plaza

Washington, D.C.

  • Northwest: 3077 M Street

Brooks Brothers A view of Brooks Brothers storefront closed during the COVID-19 crisis on May 6, 2020, in Vancouver, Canada. Photo: Getty Images/Andrew Chin