NEW YORK — It’s the takeover of the day in the fast-consolidating vendor community and the latest has Kellwood Co. apparently in the lead to buy Phat Fashions.

Sources said Russell Simmons, founder and chief executive of Phat Fashions, has been in talks with Kellwood and Tommy Hilfiger Corp. about a possible deal, but at the moment, it appears Kellwood has the edge.

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