Retailer Focus DIY has appointed bankers Rothschild to advise it on a potential sale of the business.
DIY firms have found it tough as competition has risen
The firm said this was one of a number of options which it was considering as it seeks to restructure its finances.
Focus DIY is currently in talks with its lenders and shareholders about ways of restructuring its debts and altering its equity structure.
Its trading has improved in recent months and saw like-for-like sales rise 1.9% in the 17 weeks to 2 January.
Like other DIY retailers, Focus has struggled in the past 18 months as many consumers have prioritised spending in other areas and supermarkets have moved into the sector.
Focus said the market still remained "challenging" but that sales had picked up since the summer and that it had grown market share.
"Focus has traded well over the last two years," said Steve Johnson, its chief executive.
"With the support of a number of key financial stakeholders, the board is now keen to evaluate the most appropriate ownership and financing structure for the group going forward."
Established in 1987, Focus Do It All merged with Wickes in 2000 but subsequently sold the business to Travis Perkins in 2005.