Kohl's has faced tepid sales growth as it struggles to attract budget-conscious shoppers still hurting from elevated inflation. In May the retail chain, which has roughly 1,100 stores around the U.S., reported a fiscal first-quarter loss of $15 million and that net sales fell more than 4% from the year-ago period.

Shares of Kohl’s Corp briefly doubled in value on Tuesday, as retail traders piled into the U.S. department store chain’s stocks and options, making it one of the most actively traded stocks on retail trading platforms.