NEW YORK (Bloomberg) ? Spiegel Inc., the bankrupt retailer, has reached an agreement to sell its 99-year-old flagship catalogue business to an affiliate of private equity firm Pangea Holdings Ltd., according to court papers.

Bermuda-based Spiegel Catalog International Ltd. will pay $53.4 million for the catalogue, according to papers filed with the US Bankruptcy Court in New York.

The transaction requires court approval and will be subject to the company receiving higher or better offers at an auction to be held next month.

One of the partners in Pangea Holdings, Christian Feuer, was formerly vice president of marketing and advertising production for Spiegel Catalog.

The move by Pangea comes two weeks after it agreed to buy Spiegel?s Newport News catalogue business.

That agreement is expected to close next week, according to a statement from Spiegel.

Earlier this month, Pangea bought Florence, Massachusetts-based Motherwear a cataloguer/retailer of apparel and accessories for expecting and nursing mothers.

Motherwear?s previous owners, Jody Wright and Prakash Laufer, still maintain an interest in the company and will lead it going forward.