Shares of Kohl’s spiked more than 11% Tuesday after the retailer said that it is in advanced talks to be sold in a deal worth about $8 billion. The Wisconsin chain said late Monday that it was in a three-week exclusive takeover period with the owner of Vitamin Shoppe for $60 per share.

The potential buyer, the Franchise Group Inc., which focuses on franchise companies, will make final financing arrangements and complete due diligence before signing off on the deal during that period.

Kohl’s CEO Michelle Gass said in May that the company had received multiple offers from parties looking to buy the business. At the time, the department store chain said that its board was working with Goldman Sachs to explore strategic alternatives, which had included engaging with 25 parties. The board had requested fully financed final bids to be submitted.

Kohl’s has more than 1,100 stores in 49 states but does not operate in Hawaii.

Shares rose $4.62 to $46.26 Tuesday.