Anchorage Capital Partners, a New York-based private equity firm, is looking to acquire David Jones, an Australian department store chain, from Woolworths Holdings Ltd. for approximately $89 million, Bloomberg News reported.

David Jones is a nearly 200-year-old department store chain offering national and international brands in fashion, beauty, food, technology, and homewares. As part of the deal, Woolworths looks to retain ownership of its Melbourne city real estate, which it will release to David Jones, Bloomberg reported. Final details of the transaction are still being worked out.

According Bloomberg’s report, Woolworths CEO Roy Bagattini says the group is “considering all possible options” for the future of David Jones, following years of writedowns, an annual loss and the departure of previous CEO Ian Moir in early 2020.