New rival bids for apparel retailer J Crew from Sears Holding and Urban Outfitters could yet scupper the group’s US$3bn private equity buyout, according to reports.

Reports suggest that Sears and Urban Outfitters are both looking into bidding for the business, despite the presence of an agreed $3bn buyout from TPG Capital and Leonard Green & Partners.

Under the terms of the acquisition process, J Crew may still solicit competing offers until the end of next week (15 January).

Neither Sears nor Urban Outfitters has so far indicated that they will make an offer for the business, however.

None of the companies involved have commented publicly on the matter.