(Reuters) – U.S. hedge fund Engine Capital LP wants Kohl’s Corp (NYSE) to sell the company, or to separate its ecommerce division in order to increase its stock price.

Engine Capital owns about 1% of Kohl’s. It stated Monday that Kohl’s has been underperforming other retailers over the past few years.

New York-based hedge funds also stated that Kohl’s needs to consider a strategic review and possibly a sale of its entire company. They believe there is a sponsor willing to pay $75 per share.

Kohl’s stock was up about 3 percent in premarket trades.

Engine Capital’s proposal is coming at a moment when online retailers are increasing their sales due to the COVID-19 epidemic. This drove more people to shop online than they did in brick-and mortar stores.

Jana Partners, an activist investor, urged Macy’s Inc. (NYSE:) in October to sell its digital businesses. Following which, the retailer stated that it had been working with AlixPartners on a review of its business structure.

Hudson’s Bay Co-owned Luxury Department Store Chain Saks Fifth Avenue announced it was going to spin off its online segment following an investment of $500 million from Insight Partners, a private equity firm.

Engine Capital estimates Kohl’s entire e-commerce company could exceed $12.4 billion. The Wall Street Journal reported this news first on Sunday.