Marquee retailer Macy’s has received an $5.8 billion from an investor group to take the company private, according to The Wall Street Journal.

The company, which operates more than 500 stores in the U.S., has one Alabama location in Hoover at the Riverchase Galleria.

Real estate investment firm Arkhouse Management and Brigade Capital Management, a global asset manager, submitted a proposal this month to acquire the Macy’s stock they don’t already own for $21 a share, the paper reported.

Macy’s stock is down 13.6% this year, closing on Friday at $17.39. Back in 2015, its stock traded as high as $70 a share, prior to the damage done by digital companies to traditional brick-and-mortar retailers.

The investor group has indicated that it would be willing to raise its offer.