Ted Baker PLC (LSE:TED) said one potential buyer has made it through the auction process after a number of revised proposals were made to take over the company.
Or in the words of the fashion group's advisers, it has "selected a preferred counterparty to take forward into a process of confirmatory due diligence".
It said this process should take several weeks, with no certainty that an offer will be made.
The London-listed company confirmed that Sycamore Partners Management is no longer participating in the formal sale process, though it did not confirm who had, with Reebok owner Authentic Brands Group known to be one of the others in the auction process.
Early last month, after consulting with major shareholders and after rejecting two offers from Sycamore, the board decided on an auction process.
After initial proposals were made, the selection of suitors was trimmed down to enter into the due diligence process.