[THE INVESTOR] Four firms have turned in letters of intent in the preliminary bidding for apparel maker YK038 as of Aug. 7, according to industry sources.

Samra Midas, a midsized group that owns more than 30 affiliates including TK Chemical and Korea Lines Corp., is the most likely to take over the company estimated to be worth 10 billion won (US$8.97 million), the sources forecast. 



Established in 1997, the company in the past boasted over 100 billion won in annual sales volume, boosted by the flagship lines HUM and Satin. But faced with aggressive competition from SPA brands, it has been on a downhill and last year posted an operating loss of 7.7 billion won. Since April 2015, YK038 has been under court receivership.

The final bidding round is scheduled for Aug. 26.

By Hwang You-mee (glamazon@heraldcorp.com)