One of the 68 Macy's Inc stores the company plans to close is shown at the Mission Valley Center mall in San Diego, California, U.S. January 5, 2017. REUTERS/Mike Blake

NEW YORK (Reuters) - Macy's Inc M.N could see its shares rise by 50 percent in a potential sale, as the struggling retailer looks to turn around its business by downsizing its physical-store operations and reinvesting in its online presence, Barron's said on Sunday.

The Cincinnati-based company, which in recent years has become the sixth-largest online retailer, is a bargain for investors despite Wall Street’s gloomy outlook with management’s plans to close 100 underperforming stores, which could increase its stock by 20 to 30 percent.

It also plans to cut up to 10,000 jobs out of a total 157,900. That could reduce costs by $550 million annually, freeing up funds to invest in the company’s growing online business.

Earlier this month, Hudson's Bay Co HBC.TO made a takeover approach for the retailer in an effort to further push into the U.S. market, according to people familiar with the matter.

A potential sale, particularly one with a spinoff of the company’s real estate assets, could boost Macy’s stock to $45 to $50, the report added. On Friday, its stock closed at $31.99.

Macy’s property portfolio is estimated to be worth as much as $21 billion. It has around 900 stores in the United States, which includes its Bloomingdale’s outlets and its flagship store in New York City’s Herald Square.