Mills Corp., an Arlington, Va.-based real estate investment trust (REIT), has retained Goldman Sachs and J.P. Morgan to help it explore alternatives that include a possible sale. Mills (NYSE:MLS) develops, owns and manages a global portfolio of shopping malls. In connection with its exploration of strategic alternatives, Mills also said it has implemented a workforce reduction of 77 employees as part of its plan to focus on core operations and development opportunities and to streamline management. Mills noted in a statement that its 2005 earnings and funds from operations (FFO) will be significantly below the market’s expectations and that prior earnings/FFO guidance for the year ended Dec. 31, 2005 should no longer be relied upon.

Long-term care provider Extendicare Inc., which operates 439 nursing and assisted living facilities in North America, and has the capacity for 34,500 residents, announced that it is considering alternatives that could include an all out sale of the company. The care provider appointed Lehman Brothers to advise it on its options, which could also include a reorganization of all, or part of the company. Extendicare recently reported earnings from continuing operations of $102.3 million in 2005 compared to $136.3million in 2004. Through its operations in the United States, Extendicare offers medical specialty services such as sub-acute care and rehabilitative therapy services, while home health care services are provided in Canada. The company employs 37,600 people in North America.

Galaxy Nutritional Foods Inc. (Amex:GXY), a producer and marketer of vegan and plant-based dairy alternatives for the retail and foodservice markets, is considering strategic alternatives. For the three months ended Dec. 31, 2005, the Orlando, Fla.-based company’s net sales decreased to approximately $9.1 million, compared with net sales of approximately $10.6 million in the third quarter of fiscal year 2005. Galaxy said the reduction in net sales primarily reflects a reduction in sales of private label products to Wal-Mart, along with consumer resistance to price increases implemented by the company to offset higher commodity and production costs. For the nine months ended Dec. 31, sales decreased to approximately $29.4 million, compared with net sales of $33.7 million in the first nine months of fiscal 2005.

Players in the financial services industry may have a new opportunity to look forward to. Late last month, Reston, Va.-based

Greater Atlantic Financial Corp. (Nasdaq:GAFC), the holding company for Greater Atlantic Bank, announced that its board of directors has engaged investment bank Sandler O’Neill & Partners to advise on the company’s review of its strategic options. According to The Washington Business Journal, the bank closed fiscal year 2005 with a $1.6 million loss, even after the divestiture of three branches for a $945,000 gain. In 2004, it lost $3.2 million. The company conducts its business operations through its wholly-owned subsidiary, Greater Atlantic Bank, offering traditional banking services to customers through six branches located in Rockville and Pasadena, Md., and Front Royal, New Market, Reston and South Riding, Va.