Activist investment firm Barington Capital Group has acquired a new stake in Bath & Body Works and is urging the fragrance maker to explore a sale, Bloomberg News reported Thursday, citing people familiar with the matter. Barington CEO James Mitarotonda said the company is undervalued, has been hurt by unstable management and should retain advisers to seek buyers. He said Bath & Body Works' market position, brand strength and cash generation could draw significant interest, including from private equity. Shares rose about 3% in extended trading. Bath & Body Works and Barington Capital did not immediately respond to a Reuters request for comment.