The Bon-Ton department store announced that it is in "active discussions with interested parties in respect of a going-concern bid to acquire the company."
The York, Pennsylvania-based chain filed for Chapter 11 bankruptcy in February.
The retailer sought and received approval from its lenders to push the deadline to submit a bid for the firm to from it's original date of April 2 to the new date of April 4.
According to a press release, Bon-Ton will "evaluate all qualified bids with the assistance of its advisors to determine which bids maximize value for the Company and all of its stakeholders."
If a deal is reached, it would allow the retailer to continue to operate.