B2bstores.com Inc., an online seller of business related products, said on Friday that it is cutting the company's monthly overhead by reducing jobs, lease space, advertising and service contracts.

"The Board has made clear its decision to maintain the company's strong cash position and no debt while it continues to explore strategic alternatives with our recently hired investment bankers Houlihan, Lokey, Howard & Zukin which could include a merger or sale," Mark Voorhis, chief financial officer and acting chief executive officer, said in a statement.

Also, Jeffrey Crandell, Chief Technology Officer; Shannon Jessup, Executive Vice President of Business Development; and Directors Woo Jin Kim and Garrick Hileman resigned. Brian Wharton, has assumed the additional duties of chief technology officer.

Further details were not immediately available.