Red Mountain Capital Partners, an investment firm that owns a 3.3 percent stake in Deckers, has been pressuring Deckers’ management team to explore options that include a sale or a merger. In a letter dated March 27, the firm said it was concerned about the “persistent underperformance” of Deckers’ stock.

Deckers CEO Dave Powers said in a news release that the company has been working to cut $150 million in costs while reducing the number of its retail stores.

“We have made significant progress in streamlining our cost structure, optimizing our retail store fleet, and realigning our brands, with the goal of improving profitability,” said Powers. “The management team continues to remain focused on driving improvements in the business through our recently announced $150 million savings program. We are also continuing to explore additional margin enhancing opportunities and plan to further articulate more details on our upcoming year-end earnings call on May 25.”

Deckers has retained Moelis & Company LLC as its financial adviser and Wilson Sonsini Goodrich & Rosati as its legal counsel to assist in the review process.

Shares of Deckers were up 40 cents or 0.69 percent on April 25, with the stock closing at $58.74.