New York-based private equity firm Sycamore Partners LLC is reportedly in advance talks to acquire off-price chain store K&G from Men's Warehouse Inc. 

According to Reuters, K&G sells men's, women's and children's discounted apparel and accessories from brands such as Calvin Klein, Kenneth Cole and Rocawear. It accounted for 15% of Men's Warehouse's net sales of USD2.5 billion in fiscal year 2012.

The amount that Sycamore was offering for K&G, however, remains unknown. Sources told Reuters that Men's Warehouse could enter talks with other parties that bid for K&G if a deal with Sycamore cannot be reached. 

Men's Warehouse said in March that it had asked investment bank Jefferies Group LLC to explore strategic options for K&G. It wants K&G to focus more on specialty men's apparel retailing, the report said. 

Reuters previously reported that Sycamore is also in advanced talks to acquire fashion apparel designer Jones Group Inc. Sycamore is an investment firm specializing in the retail and consumer sectors.