The embattled company’s Chinese owner Shandong Ruyi has appointed liquidators from FTI Consulting and R&H Services to assess the company’s financial situation and consider a potential restructuring of the group, according to a Hong Kong stock exchange filing on Tuesday.

Trading of Trinity Group shares has been suspended since April of last year as the company faced financial difficulties.

Liquidation threatens to permanently shutter the 250-year-old British tailoring brand Gieves & Hawkes, along with Kent & Curwen and the French luxury menswear label Cerutti.

Last year, The Times reported that Marks & Spencer (M&S) was considering a buyout of Gieves & Hawkes after Trinity Group defaulted on a loan. According to The Times, any deal to rescue the Saville Row retailer could also include Shandong Ruyi-owned British luxury label Aquascutum, which entered administration in September 2020.

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Report: Shandong Ruyi Resists Lycra Sale in Favour of IPO

The Chinese apparel group is looking to publicly float the textile business following its weak financial performance.