Francesca’s CEO Steve Lawrence has resigned, just as the retailer revealed that it is exploring strategic alternatives, which may include the possible sale of the company or a refinancing.

The women’s apparel and accessories retailer is sharing the same struggles as many mall-based competitors, with the company set to close up to 40 underperforming stores in 2019. In Q3, the retailer reported a 10% decline in net sales, with comparable store sales plummeting 14% on top of an 18% decline in the same period a year ago.

Like Francesca’s, specialty mall-based retailers…