US casualwear retailer J Crew has extended the period in which it can accept rival bids for the business until February 15 as it settles a shareholder lawsuit over its proposed takeover.

J Crew agreed a deal to sell the business to private equity groups TPG Capital and Leonard Green & Partners for $3bn (£1.9bn) in November. However the retailer had originally been allowed to solicit other bids until January 15.

Earlier this month it was reported that US retail giant Sears and US retail group Urban Outfitters, which operates the Urban Outfitters and Anthropologie chains, were considering a possible bid.

However J Crew said: “Despite an active and extensive solicitation of potentially interested parties in connection with the ‘go-shop’ period since the announcement of the merger agreement, the company has not received any alternative acquisition proposals to date.”