A number of asset reconstruction companies and foreign funds have expressed their interest in acquiring once popular fashion brand Reid &Taylor, reported The Economic Times.

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The brand had received expressions of interest from Suraksha ARC, Arcil and Acre ARC among others, the report said. It has also received interests from some foreign firms including Eight Capital and Carlyle, the report added.

The submission for bidding would commence by next month, a person close to the development told the newspaper.

The development comes after the brand, owned by Kasliwals, faced bankruptcy following defaults on loan payment.

First Published:Jul 31, 2018 9:21 AM IST