Teen-oriented apparel and accessories retailer Delia's on Wednesday hired a top investment bank to explore a range of strategic options, including the chain's possible sale.

The New York-based operator of 65 stores and catalogue business, which saw its sales plunge to $143 million last year from $215m in 2000, has retained Peter J Solomon Co to explore and evaluate strategic alternatives for the company.

Delia's said the review will not necessarily lead to a transaction but possible outcomes could include a sale, merger, outside investment or going private.

CEO Stephen Kahn, said: "Our decision to explore strategic alternatives reflects the board's commitment to maximising shareholder value."