Apparel retailer Aeropostale Inc ARO.N, under pressure from investors to sell itself, reached out to at least two private equity firms as it explores strategic options, Bloomberg said on Tuesday, citing sources.
The company also contacted investment banks to gain assistance in dealing with pressure from activist investor Crescendo Partners or running a sale process, the report quoted two persons who did not want to be identified.
The youth-apparel retailer, however, is not in talks to sell itself yet, the sources told Bloomberg.
Crescendo Partners urged Aeropostale in November to sell itself, joining a list of investors expressing frustration about the fading fortunes of the company.
The company, which reported losses for four straight quarters, has been trying to offer more fashionable products, but the efforts have done little to turn around its fortunes.
Aeropostale's spokesman was not available for comment outside regular U.S. business hours.
The New York-based company's shares closed at $7.73 on Tuesday on the New York Stock Exchange.
(Reporting by Kanika Sikka in Bangalore; Editing by Lisa Shumaker)