POSTED: Monday, August 12, 2013 - 9:00am
UPDATED: Monday, August 12, 2013 - 10:13am
NEW YORK (CNNMoney) — BlackBerry's board of directors is exploring the option of selling the company, said the smartphone maker on Monday.
BlackBerry's directors have formed a special committee "to explore strategic alternatives to enhance value and increase scale" regarding its BlackBerry 10 smartphone.
"These alternatives could include, among others, possible joint ventures, strategic partnerships or alliances, a sale of the company or other possible transactions," said the Canadian company.
BlackBerry also said that Prem Watsa, the company's largest shareholder and the chief executive of Fairfax Financial, is resigning from the board of directors, but he won't unwind his investments in the company.
BlackBerry was once a dominant player in the smartphone market, but it has struggled recently against competitors Apple and Samsung.