American Apparel has turned to investment bank Moelis for advice on a range of "strategic options," two sources told CNNMoney.

Moelis may review the retailer's finances and any bids from potential acquirers.

The news follows several developments at the struggling company.

Last week, the company ousted founder Dov Charney following months of discussions about his role at the retailer. It also announced a new CEO, Paula Schneider.

American Apparel also received a buyout offer from private equity firm Irving Place.

This week American Apparel (APP) announced a so-called shareholder rights plan that would limit an outsider's ability to gain control of the company. It also made changes to the board. American Apparel announced a new chairperson, Colleen B. Brown.

The penny stock has shot higher in recent weeks -- to just over $1.