Men’s Wearhouse (MW), the suit seller currently in a takeover battle with Jos. A. Bank Clothiers (JOSB), is reportedly shopping its K&G chain to private equity firm Sycamore Partners.

According to a report from Reuters, Sycamore is in advanced talks to acquire the chain of off-price stores. It’s unclear how much Sycamore is offering, the report noted, and Men’s Wearhouse could enter talks with other potential buyers.

Sycamore declined to comment. A representative of Men’s Wearhouse didn’t respond to a request for comment.

K&G, which sells discounted apparel for men, women and children, accounted for 15% of Men’s Wearhouse’s net sales of $2.5 billion in 2012.

Men’s Wearhouse operates a total of more than 1,100 stores across its Men’s Wearhouse, Moores and K&G chains. In March, the company disclosed that it hired Jefferies (JEF) to explore strategic options for K&G.

Sycamore specializes in the retail and consumer secotrs. The New York-based firm already owns Talbots, Hot Topic and others. It’s also in the running to acquire fashion apparel designer Jones Group (JNY), according to several reports.

The departure of Men’s Wearhouse founder and executive chairman George Zimmer in June was said to stem from disagreements over the company’s direction, including its plan to sell K&G.

Last week, the company turned the tables with a $1.5 billion offer to buy rival Jos. A. Bank, which had proposed to buy Men’s Wearhouse for $2.3 billion.

Shares of Men’s Wearhouse rose six cents to $51.13 late Wednesday morning.

Follow Matthew Rocco on Twitter @MatthewRocco