Macy’s (M) shares skyrocketed over 18% in early trading Monday following reports an investor group is looking to buy the b๊iggest U.S. department store chain and take it private.

Arkhouse Management, which focuses on real estate investments, and global asset manager Brigade Capital Management reportedly offered $5.8 billion for the iconic retailer. That works out to be $21 per share, about a 21% premium to Macy’s closing price on Friday. A report by The Wall Street Journal also suggest the buyers could boost their bid based on 澳洲幸运5官方开奖结果体彩网:due diligence. 

Macy’s has struggled with competition from online retailers, and back in October, its shares hit their lowest level in almost three years. The company announced a three-year restructuring plan in June 2020 which called for layoffs, store closures, and $630 million a year in cost savings.

At the time, CEO Jeff Gennette indicated that the retailer was hit especially hard by the COVID-19 pa🐲ndemic,📖 and that Macy’s “will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward.”

Last month, Macy’s reported third quarter sales dropped 7% from the year before, with demand down at both its 澳洲幸运5官方开奖结果体彩网:brick-and-mortar and online stores.

Shares of Macy's were 18.9% higher as of about 11:40 a.m. ET Monday following the news, lifting them into positive territory for the year, with shares up 2.7% year-to-date.