Appliance retailer hhgregg Inc (HGG.N) said it had hired Stifel Financial Corp (SF.N) to advise it on strategic and financial transactions, as the company struggles with sales declines.
Stifel Financial's subsidiaries, Stifel Nicolaus & Co and Miller Buckfire & Co, have been engaged as hhgregg's financial adviser and investment banker.
Hhgregg's shares surged 21 percent to 52 cents in extended trading. The stock had lost 77.4 percent of its value in the last 12 months.
The company, which has a market value of about $12 million, last month reported a 23.8 percent fall in sales for the third quarter.
"We are committed to improving our results through our business strategy, including investments made to shift our focus to appliances and furniture, and additional expected cost reductions," Chief Executive Robert Riesbeck said in a statement on Wednesday.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)