While the mayor of Palm Springs was holding a press conference to announce that a Design Within Reach store would be opening in their town, the company itself was meeting with the investment banking firm Thomas Weisel Partners to figure out what to do about their business. With another recent bout of falling prices on the market, DWR is thinking over its options for how to continue to function, including the possibility that they might decide to sell the whole company to an anonymous bidder (which, coincidentally, made their stock value shoot up almost 50%). Here’s a bit:
“We have decided to evaluate alternatives that will best serve the interest of all of our shareholders, given our depressed share price,” Chief Executive Ray Brunner said in a statement.
The company, whose competitors include Williams-Sonoma Inc and Steelcase Inc, said its board has appointed a committee to work with Thomas Weisel Partners to allow its management team to focus on day-to-day operations.