Build-A-Bear Workshop Inc., the chain of make-your-own stuffed animal stores, is seeking a buyer and has approached private-equity firms, according to three people with knowledge of the matter.

Barclays Capital is advising the company, said two of the people, who declined to be identified because the matter is private. The St. Louis-based retailer had a market value of about $117 million as of yesterday’s close.

Sales at Build-A-Bear, which operates more than 400 stores, peaked at $474.4 million in 2007 before the recession sapped consumer demand for toys. By last year, sales had dropped to $394.4 million. To spur growth, Build-A-Bear is offering its stuffed animal kits at arts and crafts chain Michaels Stores Inc. and bookseller Borders Group Inc.

Officials at Build-A-Bear didn’t respond to requests for comment.

Maxine Clark, who refers to herself as “chief executive bear” on the company’s Web site, opened the first store in 1997. The company became a staple at US malls and expanded to other continents, including stores in Cape Town, Dubai and Tokyo.