Nordstrom, Inc. (NYSE:JWN) shares were surging higher on the news that the company may soon go private.

The privately-owned company announced in the morning that its primary investors have been discussing the possibility of acquiring all outstanding shares of Nordstrom at a time when the retail sector is struggling as e-commerce sales surge and foot traffic is lower.

Co-presidents Blake Nordstrom, Peter Nordstrom and Erik Nordstrom, Chairman Emeritus Bruce Nordstrom, President of Stores James Nordstrom and Anne Gittinger have formed a group that is set to buy 100% of JWN stock.

In order to do so, the company will have to raise about $5.45 billion of debt on top of the $2.7 billion in long-term debt they’re currently on the hook for. The figure would mark an EBITDA multiple of 6.8 times.

The debt Nordstrom already had is mostly in the form of bonds. The company also announced that it had $653 million in cash and short-term investments as of the end of the first quarter.

Overall, the Nordstrom family has a total of about 30% of the current JWN shares, making them prime candidates to complete the takeover and privatize the retailer.

First-quarter earnings results were mixed for the company as its earnings-per-share figures were in line with the consensus estimates, but same-store sales were lower.

JWN shares grew 10.5% Thursday afternoon.