Retail Brand Alliance Inc says it will spin off its Casual Corner Group Inc ladies' wear chain to retail liquidator Gordon Brothers Group LLC, Associated Press cited Retail Brand president Claudio Del Vecchio as saying.

Privately owned Retail Brand wishes to sell of floundering Casual Corner in order to concentrate on the upmarket Brooks Brothers chain.

Gordon Brothers may then sell off a portion of Casual Corner's stores to top competitor New York & Co, Associated Press reported.

Del Vecchio was reported to have said that previous estimates that had given Casual Corner a possible sale price of $250 million - $300m had been overstatements.

Casual Corner has approximately 1,000 retail locations in around 45 US states under names including Casual Corner, Petite Sophisticate and August Max.