Private equity firm Sycamore Partners LLC is reportedly in advanced talks to buy New Yorked-based apparel retailer Jones Group Inc. Sycamore is also working toward closing the deal in the next few weeks. Sources told Reuters on Friday that the investment firm is discussing an offering price of less than USD16 per share. This would bring the deal to a size of around USD1.3 billion. Sycamore is also in the process of lining up financing for the transaction, the sources added.

Reuters, citing the sources, however, said that the final price and terms of the deal remain unknown. Talks on the buyout may still fall apart.

Jones Group owns dozens of brands, including Nine West and Stuart Weitzman. The deal became complex as Sycamore intended to offload some of these brands to other buyers, the report said.

According to Reuters, Jones Group currently has a market capitalization of USD1.1 billion. Earlier this year, it hired the Citigroup Inc. to provide advice on the sale of the company.

Jones Group had been under pressure from activist hedge fund manager Barington Capital Group. Barington urged the company to divest its non-core fashion brands and focus on its shoe brand instead. Barington's chief executive James Mitarotonda joined Jones Group's Board of Directors in May, the report said.

Private equity firm KKR & Co. LP and apparel manufacturer G-III Apparel Group were also vying for Jones Group. The two aborted their bid recently, Reuters said.