Kohl’s puts up a for sale sign

(CNN) - Kohl’s is negotiating with a potential new owner.

The department store has announced it was in a three-week negotiation period with Franchise Group – a holding company that manages several retail chains.

Franchise Group has proposed to buy Kohl’s for $60 a share – putting Kohl’s value at around $8 billion, according to the Wall Street Journal.

The retailer has more than 1,100 stores with around $19 billion in annual sales.

As the largest department store chain in the United States, Kohl’s has faced tough competition over the years from Amazon and big-box chains like Walmart and Target.

The company has tried different strategies to stave off competitors, but so far none have led to big improvements.

Other department stores, including Sears, JC Penny, Neiman Marcus and Barney’s, have filed for bankruptcy in recent years.