One of North America's oldest department store chains and a private equity firm are among those duking it out for one of the biggest names left standing in department stores.

Retail giant Hudson's Bay and private equity investor Sycamore Partners are planning separate bids for U.S. department store company Kohl's, with each bid valuing the retailer at about $9B, The Wall Street Journal reports.

Earlier this month, Kohl's said it was going to consider unsolicited bids or seek out other potential buyers after rejecting bids from activist investors that it considered too low. Kohl's hired Goldman Sachs Group and PJT Partners to facilitate the process.

The company said in a March 7 filing with the Securities and Exchange Commission that it had reached out through its advisers to more than 20 potential buyers and that an unspecified number of them had been invited to submit proposals.

Kohl's stock surged on Wednesday from $54.46 a share at the beginning of the trading day to $63.12 at the end, after word of the potential bids broke, though the price edged down slightly by midday Thursday. Over the last year, Kohl's stock has been up about 2.7%.

Investors, such as shareholder Macellum Capital Management, which owns about 5% of Kohl's stock, have reportedly been eager to see the department store owner monetize its real estate by executing sale-leasebacks for many of its locations.

Earlier this year, UBS estimated that the real estate associated with Kohl's 409 owned stores would fetch $6M to $8M each. The company's distribution network and headquarters are worth around $2B, UBS noted.

New York-based Sycamore specializes in retail investments. In 2020, the company acquired various retail assets from the bankrupt Ascena Retail Group, including Ann Taylor, Loft and Lane Bryant. Sycamore also owns Staples, Express and The Limited.

Toronto-based Hudson’s Bay began as a fur trading business in 17th-century British North America and is Canada’s oldest department store chain. The chain is owned by holding company HBC, which also owns the Saks Fifth Avenue and Saks Off 5th brands.