Online retailer Boohoo has confirmed it's made an offer to buy UK fashion brands Karen Millen and Coast.
Bosses said a proposal has been put forward for the acquisition, which could lead to hundreds of high street job cuts - although it failed to comment on whether the plans would take the two firms online only.
Troubled fashion chain Coast - which has around 24 stores - went into administration last October after months of plummeting sales.
The company's website, IP, brand and concessions were later saved by Karen Millen, who continued to employ over 600 of the company's staff.
Under the deal, Coast became a subsidiary of Aurora Fashions, which is owned by Icelandic Bank, Kaupthing.
However, in June this year the company - which also owns Oasis and Warehouse - put Karen Millen up for sale, along with womenswear brand Coast.
Boohoo did not specify whether the potential deal involves any plans for the two retailers' physical stores.
Sources told Sky , which first reported the news, that the firms were being bought through a process called pre-pack administration, which would be initiated once Deloitte had been appointed as administrator to Karen Millen.
Karen Millen operates in 65 countries and employs 1,700 staff worldwide. In the UK, it has 57 stores, with concessions at John Lewis and Selfridges.
Boohoo said its offer was part of a plan "to lead the fashion e-commerce market globally".
The company also owns controlling stakes in PrettyLittleThing, NastyGal and MissPap.
The sale follows , and a 23 Topshop closures under Philip Green's Arcadia empire in May.
