Sources close to the family said a bid at the current share price, which values the menswear chain at about£40 million, would not be supported because it severely undervalues the retailer.
Last year, Retail Week revealed the family was against an expected bid when the value was double that of the current price.
Baugur is understood to be “very disappointed” by the recent share price performance and trading, which led to the announcement on Monday this week that the company was reviewing its strategic options.
A Moss Bros spokeswoman said that, despite the recent profit warning, the retailer was in a stable condition with a strong cash balance in the bank and that its store refit programme remains on track.
A pre-Christmas bid for the retailer was looking increasingly unlikely as Retail Week went to press.
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