Design Within Reach Hits The Block

(Reuters) – Furniture maker Design Within Reach Inc (DWRI.O) said it hired investment banking firm Thomas Weisel Partners LLC to help it review strategic options, including a possible sale of the company, boosting its shares 48 percent.

Thomas Weisel Partners will also provide advice on an unsolicited offer recently received by Design Within Reach.

“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 (WSM.N) and Steelcase Inc (SCS.N), 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.

Shares of San Francisco, California-based Design Within Reach rose to 65 cents in trading after the bell. They had closed flat at 44 cents Monday on Nasdaq. (Reporting by Renju Jose in Bangalore; Editing by Pratish Narayanan)