The hiring of an investment bank comes as the Ann Taylor parent faces pressure from hedge funds Engine Capital and Red Alder to consider selling itself to a private equity firm or a large international retailer.
Shares of Ann jumped to over $40 per share on Monday after the funds, which together control more than 1 percent of the stock, said it could be worth $50 to $55 per share to a potential buyer. New York-based Ann has a market capitalization of roughly $1.8 billion.
Representatives for Ann and JPMorgan declined to comment.
Earlier this year, private equity firm Golden Gate Capital took a 9.5 percent stake in Ann, saying the company's stock was undervalued.