Canada's Comark apparel chain said that it has decided to be sold in a deal expected to draw up to $400 million based on multiples of other deals in the retailer sector, four people familiar with the matter disclosed.

Two of the reported sources said the Oppenheimer is in-charge for the sale process, which is currently in the final stages.

Private equity firm Karp Reilly, which backs the Comark, has been aiming to exit its portfolio companies.

Late August last year, Karp reached an agreement to sell retailer Ollie's Discount Warehouse to private equity firm CCMP Capital Advisors LLC in a deal worth around $500 million.

Established in 1976, Comark currently operates the Ricki', Bootlegger and cleo stores, with over 300 stores in malls across the country.

Neither Karp Reilly nor Oppenheimer provided feedback on the sale process.