Barnes & Noble Education has taken another step in exploring its strategic options. The company has announced that its board of directors has hired Morgan Stanley to serve as its financial adviser as B&NE looks for ways to increase shareholder value.

In early December, the college materials supplier said it was conducting a strategic review to find ways to help it accelerate its move to meet the changing demands of college students seeking a mix of print and digital materials. B&NE chairman Mike Huseby said the company’s priority is to rapidly scale its profitable digital properties. To do that, B&NE will consider a range of options including continuing along with its current business plan, new partnerships, joint ventures and other potential opportunities.

In announcing the appointment of Morgan Stanley, B&NE said “there can be no assurance that the review will result in a transaction or announcement of any kind.” The company added that it has not set a timetable for the conclusion of the review.