10/04/2013 05:39 EDT | Updated 01/23/2014 06:58 EST

Giant Tiger exploring option to sell

The discount franchise Giant Tiger, founded in Ottawa in 1961, is exploring the possibility of selling.

The company made the announcement in a press release issued Friday.

It said the company is not under any pressure to sell, and the possible sale is part of the "natural evolution" of a company that's been in business for more than 50 years.

“Our company is profitable and growing. We do not require external financing and are not under any pressure to sell,” Andy Gross, the company's CEO, is quoted as saying. “We are entering this review and exercise from a position of strength.”

The company's founder, 80-year-old Gordon Reid, said in the news release they're "focused on ensuring a successful future for Giant Tiger."

Giant Tiger has more than 200 stores, many of them franchises.

The chain carries casual clothing and footwear, pet food, groceries, housewares and beauty products, but it is facing a tough market for discount retail with Wal-Mart expanding and Target recently entering Canada.