Private equity firm Sycamore Partners is reportedly eyeing making a bid for Macy’s, Inc., according to WWD. The speculation comes after the Wall Street Journal, on December 12, reported that Arkhouse Management and Brigade Capital Management made a $21 a share, or $5.8 billion, offer for the department store chain.

Sycamore has raised debt and could be in a position to make an all-cash offer for Macy’s, sources told WWD. Macy’s and Sycamore both declined to comment on the report.

Sycamore’s retail investments include Loft/Ann Taylor, Lane Bryant, Staples, The Limited, Belk, Hot Topic, Torrid, Talbots, Aeropostale, Coldwater Creek, and Express.

Photo courtesy Macy’s