Beleaguered business The Wet Seal has assembled a team to identify and analyse potential strategic and financial alternatives.

The company, which last week appointed company executive Thomas Hillebrandt to the role of interim CFO, has hired Houlihan Lokey as an investment banker. It has also retained William Langsdorf as a senior advisor to the finance team.

Houlihan Lokey Capital and Langsdorf will work with FTI Consulting, which was previously retained as the company's strategic advisor, to assist in the process.

The company said it has not set a timetable for completion of the process, which began months ago, and has seen the cutting of 78 jobs in a bid to trim millions of dollars from its cost base.

The firm said it won't disclose further developments of the process, or the taking of specific action, unless approved by the board.

CEO Ed Thomas, said: "I'm proud of the progress we have made to date in light of the ongoing difficult macro environment and state of affairs at the company when I joined in September. Given our struggles and challenges, it is prudent for us to continue the review of alternatives. We welcome the addition of these advisors to our team."

Langsdorf most recently served as CFO and SVP of Tilly's until his retirement in 2013. Prior to that he served as SVP and CFO of Anchor Blue Retail Group, and as CFO of The Wet Seal.