Tommy Hilfiger Plans Sale of Firm, Source Says

Fashion design company Tommy Hilfiger Corp. is dressing itself up for a possible sale, although the plans are preliminary and it could be a month or two before the process hits full swing, a source familiar with the company’s plans said.

Hilfiger, which settled a federal tax probe of its payments to a foreign unit last week and had suffered from a decline in revenue, probably will field bids from both private-equity firms and other clothing makers, the source said.

The company declined to comment.