Fur Vault agreed to sell its retail fur unit to Jindo of South Korea for as much as $15 million.

Fur Vault, an operater of retail and wholesale fur businesses, said it would re-evaluate its plans if it did not receive a satisfactory offer.

Fur Vault's stock slipped 37.5 cents a share yesterday, to $2.625, on the American Stock Exchange.

In an effort to raise its lagging earnings, Fur Vault said in November that it planned to sell some of its fur and leather businesses.

For its fiscal fourth quarter ended Dec. 2, Fur Vault posted a loss of $2.3 million, compared with a gain a year ago of $27,000.

Fur Vault's earnings have been helped by strong sales at the Andrew Marc leather division.

The Fur Vault, for example, with five stores in the New York region and three in the Washington area, bills itself as a fur department store.

Fred Schwartz, the founder of the Fur Vault, is credited with bringing furs to the working woman by opening fur department stores with lower-priced garments.

"Prior to the crash our sales were running about 30 percent ahead of the previous year," said Jack Balsam, Fur Vault's treasurer.

The second phase is pending the termination of the Fur Vault's lease agreement with Bloomingdale's.