Shares of 1-800-Flowers.com were down after the company amended its credit facility and initiated a strategic review.

The stock fell 12% to $3.08 in pre-market trading Thursday. Through the prior close, shares had slipped 5% this year.

The online flower retailer posted a 13% decline in sales during the fiscal fourth quarter, which the company said was due to a strategic shift in marketing. Its loss widened slightly to $52.3 million, from $51.9 million in the prior-year quarter. The per-share loss remained steady at 82 cents.

1-800-Flowers is evaluating a range of options, including the sale of certain assets and capital raising options, in an effort to optimize its capital structure and support its transformation.

The company amended its credit agreement to get more financial flexibility, with greater oversight from lenders.

The lenders expanded 1-800-Flowers' ceiling for asset sales to retain up to $30 million in proceeds, as long as it uses a portion of those proceeds to make a term loan prepayment. The company said it can use the proceeds to invest in strategic initiatives.

The banks also replaced existing financial covenants with a minimum liquidity requirement through the end of September 2027. 1-800-Flowers must now participate in monthly conference calls with the lenders and is required to make additional prepayments on its revolving credit facility.

In the new fiscal year, the company expects revenue to decline by a mid-single-digit percentage.