BlackBerry is simply running out of options to save itself.

Given that miserable state of affairs, BlackBerry’s board of directors announced Monday that it is considering “strategic alternatives” to boost the company’s value and sell more smartphones. The problem: None of those options is necessarily viable.

Sell the company outright. BlackBerry CEO Thorsten Heins has said for months that the company would potentially be open to a sale, but putting a “for sale” sign in the window doesn’t guarantee anyone will make an offer.

Not so long ago, Microsoft (MSFT, Fortune 500) and Lenovo were frequently floated as likely candidates to make an offer for BlackBerry. But today, BlackBerry’s sinking-ship smartphone business would almost definitely rule out a full sale of the company.

In a note to clients Monday, Macquarie Securities analyst Zach Horat declared himself “skeptical that potential strategic buyers … would assign any value” at all to BlackBerry’s(BBRY) hardware business.

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