Staples (SPLS has rejected a takeover bid from private equity firm Cerberus Capital Management, Bloomberg reports.

A second private equity group, Sycamore Partners, is still in the running to acquire the office supplies retailer.

Staples reported Tuesday that same-store sales plunged 6% in North America for the first quarter. Last year, Staples saw North America same-store sales drop 5%. The metric hasn't risen since 2006, when sales rose 3%.

Shares of Staples were higher over 3.5% during mid-morning trading on Thursday.

Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.

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