Hand bag and accessories maker and retailer Kate Spade & Co is exploring a sale and is working with a bank to sound out possible acquirers, CNBC reported, citing Dow Jones.

Shares of Kate Spade , which had a market value of $1.86 billion as of Tuesday's close, were up 19 percent at $17.27 on Wednesday before being halted for a second time.

Company officials could not be reached immediately for comment.