The Gores Group will own 81.25% of the joint venture, and plans to support it through a turnaround.

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Meanwhile Alec and Tom Gores, who each made billions running their own separate private equity firms (the Gores Group and Platinum Equity) are also rumored to be in the hunt.

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Last month the company said it will sell a majority stake in its Mexx brands to the private equity buyer Gores Group.

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Gores Group said it has fully committed financing for the buyout, which is expected to close in the second quarter.

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