BJsWarehouse retailer BJ's Wholesale Club (BJ) is in the process of hiring an adviser to explore a possible sale of the company to a private equity firm, the New York Post reports, citing people familiar with the process. Shares surged on the report Wednesday.

The company may be talking to Goldman Sachs (GS) and Morgan Stanley (MS) about possibly advising it on a sale, the newspaper said. Private-equity firm Leonard Green Partners, which reportedly is eying the chain's real estate holdings, acquired a 9.5% share of the company in July, and may be interested in buying the company.

BJ's, which operates 190 stores in 15 states, may be worth as much as $3 billion in a buyout, the Post said. Company representatives, who declined to comment to the Post, didn't immediately respond to a request for comment from DailyFinance.

The company in August said that second-quarter profit was little-changed at $35.8 million, while revenue increased 8.6% from a year earlier to $2.7 billion. Same-store sales were up 4.4%.

BJ's announces third-quarter financial results later this month. Shares jumped 11% to $46.60 at about 3 p.m. Eastern time in trading on the New York Stock Exchange.

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