The transaction is expected to close in the second half.
The Committee said no decision has been made yet.
The former chairman said he would withdraw offer if Special Committee can’t commit to a May 29 time frame.
The former ceo of the company is still seeking a takeover of the business.
The new deadline is April 30.
The company said it saw increases in all business segments during the fourth quarter.
Feldenkreis is also requesting an extension of time to nominate a slate of directors for election to the board.
The daughter of the late designer and his namesake company created one-of-a-kind accessories to be auctioned at Elton John’s annual Oscars party.
The non-binding proposal was submitted by former chairman George Feldenkreis.
The deal is for the Perry Ellis Portfolio collection and will launch for fall.
Feldenkreis letter details dissatisfaction with existing board’s “motivations, strategy and oversight.”
Feldenkreis is partnering with Fortress Investment Group, sources say.