Shares of GameStop (GME) rallied nearly 10% on Monday after a breaking report revealed that the company is currently holding meetings with private equity firms to discuss a potential buyout.

According to the report by Reuters that cites insiders familiar with the situation, GameStop has hired a financial adviser to assist in buyout discussions and Sycamore Partners has been identified as one of the firms that have expressed interest in purchasing the company.

GameStop has suffered over the past years as online retailers, namely Amazon, have negatively impacted physical video game sales at retail locations. GameStop has managed to partly negate the decline by expanding into used video games and consoles.

However, this model has faced increasing competition as platforms like Steam offer cheaper, direct download options. Additionally, Sony, Microsoft and Electronic Arts are all starting to roll out monthly streaming services that offer various new and older titles, adding further pressure to GameStop’s traditional retail approach.

The troubles have spread to the company’s leadership. Last May, former GameStop CEO Michael Mauler stepped down from his position after only three months at the company. In June, GameStop recruited former Microsoft Xbox board director and executive Shane Kim as its interim CEO.

GameStop’s share price has dropped more than 32% in the last year. It’s market cap currently stands at $1.42 billion, down drastically from $5.8 billion in 2013.

The latest news has been viewed positively by investors, who have been vocal in questioning the company’s strategic direction. In an earlier report, a letter from major GameStop shareholder Tiger Management LLC indicated that investors have been calling for changes at the company.

Neither GameStop nor Sycamore Partners has released an official statement in response to the report.