The board at staffing firm BGSF (NYSE: BGSF) has launched an evaluation of strategic alternatives for the company, according to an announcement on May 8. It has also suspended its quarterly cash dividend.

“Given the continued dislocation of BGSF’s public market valuation, the board and I believe evaluating strategic alternatives and suspending the cash dividend are prudent measures as we continue to look for ways to maximize value for our shareholders,” Chair, President and CEO Beth Garvey said in a press release.

There is no assurance that this review will result in a merger, divestiture, sale or other transaction, according to the company.

BGSF hired Houlihan Lokey as its financial advisor in the review.

Also this week, BGSF reported first-quarter revenue fell 8.7% year over year to $68.8 million.