GNC Holdings Inc. (NYSE: GNC) saw its shares dip early on Monday after the firm announced that it would be exploring strategic alternatives, just three months after it took on a new chief executive officer. In an effort to explore these new strategic alternatives, GNC is enlisting the aid of Goldman Sachs.

The Wall Street Journal reported earlier that:

The Pittsburgh-based health and wellness retailer said it hired Goldman Sachs & Co. to help evaluate its capital structure and “other alternatives to enhance shareholder value.” The company on Monday also withdrew plans to secure new debt, while reiterating annual cash flow targets.

Back in September, GNC’s board of directors appointed Ken Martindale as CEO. At that time, Martindale succeeded interim CEO Bob Moran. As part of the transition, Michael F. Hines stepped down as board chair, but he will remain on the board.

Perhaps a sale might not be out of the question, considering Moran at one point called GNC’s business model “broken.”

Excluding Monday’s move, the stock had vastly underperformed the broad market, down about 51% year to date. Over the past 52 weeks, the stock was down closer to 61%.

Shares of GNC were last seen down about 1.7% at $5.30, with a consensus analyst price target of $9.89 and a 52-week range of $5.03 to $14.64.

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