Marks & Spencer has received more than 20 bids for Brooks Brothers, its "preppy" men's clothing chain, though a sale is not likely to completed until September or October.
The bids are thought to range from $450m to $500m (£320m-£360m), far below the $750m M&S paid for the chain in the late 1980s.
The interested parties are thought to include May Department Stores, which owns Lord & Taylor in the US; Texas Pacific, the venture capital group that owns J Crew and Bally; Della Valle, which already has a trading relationship with Brooks in Italy; the US chain Men's Wearhouse; Luxottica, which owns the Sunglass Hut chain and already makes sunglasses for Brooks; and Dickson Concepts, the Hong Kong retailer that operates Brooks franchises in south east Asia.
M&S said it was also pleased with the level of interest in King's, the US supermarket group that is also up for sale. Shares in M&S closed up 6.75p at 262p.Reuse content