Private equity investors are lining up bids for German fashion retailer Schustermann & Borenstein in a potential 700-800 million euros ($780-$891 million) deal, sources familiar with the matter said.

Buyout group Ardian has put the business, which has adjusted annual core earnings of 55 million euros, up for sale and has asked for tentative bids by September 12, the sources said.

Private equity groups KKR (KKR.N), Cinven [CINV.UL], Permira[PERM.UL], EQT and Advent are expected to hand in offers for the business, which may value the company at up to 12-15 times its expected core earnings, they added.

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