Streamline.com, Inc. (Nasdaq: SLNE) said Thursday it has hired an investment bank to help it raise money and explore other "strategic alternatives."
Shares in the company, which offers home delivery of groceries as well as dry cleaning and other services closed at 2 13/16 Wednesday, a fraction of their 52-week high of 14 11/16. The company went public last June, and, like competitors Peapod (Nasdaq: PPOD), HomeGrocer.com (Nasdaq: HOMG) and Webvan (Nasdaq: WBVN), has been suffering ever since.
Competition for online grocers is tight, and Kozmo.com (Proposed ticker: KZMO), which specializes in delivering munchies and videos, is also planning an IPO. Peapod also recently raised additional funding.
Streamline previously announced it would require significant additional financing in order to fund its expansion strategy, the company said.
The type of transaction that Streamline may enter into is not yet known, and there can be no assurance that it will make any transaction at all, the company said.