Cash-strapped Warnaco Group, which owns the prestigious Calvin Klein Jeans Wear and Chaps by Ralph Lauren licenses, has been granted another four months to file a business plan.

The Manhattan Bankruptcy Court yesterday extended until February 6 the deadline for the debt-ridden group to review all its assets and file a plan of reorganisation

The firm previously said in court papers that it had identified four "assets" it would like to sell and had confirmed that intimate apparel maker Lejaby, a European firm not included in the bankruptcy, was on the block.

Penhaligon's, a British retailer of soaps and toiletries snapped up in 1999, is also up for sale, according to sources familiar with the reorganisation effort, while one source said that two former executives of Warnaco's Warner unit are seeking financing to acquire the Warner's operation, also part of Warnaco's stable of intimate apparel brands.

As for the coveted Calvin Klein Jeans Wear and Chaps by Ralph Lauren licenses, several analysts say they expect Polo Ralph Lauren to get back its license and take the operation in-house.

Meanwhile, a source close to Calvin Klein claims it is considering forming a joint venture with a third party to structure the deal so that it would own the license without having to be saddled with production problems and inventory issues.