The company’s board is weighing several paths, ranging from a potential business sale to maintaining its current standalone operational plan. While the review is underway, the retailer has retained Solomon Partners to serve as its financial adviser and Willkie Farr & Gallagher to provide legal counsel.

Lulu’s cautioned that the formation of this committee does not guarantee a transaction will occur. Management stated they intend to remain silent on the process until a formal course of action is approved by the board. Shares had already trended upward throughout the year, posting a 59% gain leading into Monday’s close.