Macy’s (M) shares skyrocketed over 18% in early trading Monday following reports an inves🌃tor group is looking to buy the biggest U.S. department store ch🧸ain 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开奖号码历史查询: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 pandemic, and that M𝓰acy’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开奖号码历史查询: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.