Abercrombie & Fitch, the once-popular purveyor of fashion for teenagers that has since fallen on harder times, said on Wednesday that it has begun talks to sell itself.

In a statement, Abercrombie said that it was in “preliminary discussions” with unnamed suitors after it received expressions of interest. The retailer cautioned that it may not reach an agreement to sell.

The statement came after Reuters and The Wall Street Journal said that the company was weighing a sale of itself.

Shares of Abercrombie had fallen 49 percent in the 12 months that ended Tuesday, before the news reports about a potential sale emerged. As of Wednesday’s closing prices, the retailer had a market value of about $969 million and its shares were $14.22.