Department store chain Neiman Marcus Group has entered takeover discussions with several potential bidders, according to The New York Post.

The company is planning to put itself on sale for as much as $5 billion, the Post said, and is believed to already have been approached by a number of big retailers including Limited Brands.

The company is also said to have attracted interest from private equity firms such as Apollo Advisors, Bain Capital, Thomas H Lee Partners and Kohlberg Kravis Roberts & Co, over a possible agreement to take the company private.

Luxury goods giants LVMH Moet Hennessy Louis Vuitton and Pinault Printemps Redoute are also slated to be interested in the company.