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The owner of Saks Fith Avenue is teaming up with Authentic Brands to mount a nearly $270 million bid for bankrupt Barneys, The Wall Street Journal reported.

Under the proposal, Saks, which is owned by Hudson's Bay (HBAYF) , would launch a Barneys department in 41 of its stores while also taking over its website, the Journal reported.

Barneys has been in the middle of shutting down half of its 10 namesake stores under plans filed in August in federal bankruptcy court, including stores in Chicago, Seattle and Las Vegas.

Fashion executives led by Sam Ben-Avraham have been working on a competing, $220 million bid for Barneys, the Journal previously reported.

Shares of Hudson's Bay traded in the U.S. edged higher Monday amid news of its bid for Barneys, rising 0.56% to $7.47.

Saks posted a 0.6% increase in comparable-store sales in the second quarter, although its discount brand Saks Off Fifth saw sales jump 3.4%.

Toronto-based Hudson's Bay inked a deal last month to sell its Lord + Taylor department store chain for $100 million. 

Barneys is racing against a bankruptcy court deadline to line up a deal, with an extension granted until Tuesday.