Dutch fashion retail group Mexx, which went bankrupt in December, is in negotiations for a takeover of its Dutch and Belgian stores, the Volkskrant reports on Tuesday.

The official receivers handling the negotiations told the paper there are two parties interested in the Dutch stores and three in Belgium, but would not give details. They hope to finalise the takeovers later this week, they told the Volkskrant.

Mexx has outlets in 50 countries, including 315 in Europe. This total includes many franchises and store-within-stores, the Financieele Dagblad said in December. In 2013, the company closed its flagship store in Amsterdam.

Despite the bankruptcy, the stores are still open, allowing stock to be sold and to encourage takeover candidates, but Belgian receiver Valère Vereecke told the paper this situation is ‘untenable’.

‘Without a takeover we cannot keep the stores open,’ he told the paper. ‘No product is being delivered from the Netherlands and if Mexx is not sold we shall have to go into liquidation.’

His Dutch colleague Frits Kemp said he hopes to negotiate a relaunch of the fashion brand.

Mexx has a workforce of 1,500, including 500 in the Netherlands.

Mexx was launched by Rattan Cadha in 1986. He later sold the group to American fashion group Liz Claiborne. In 2011, The Gores Group bought an 82% stake for €85m.