Regional store chain Gottschalks said it is using UBS Investment Bank to help it look at possible options include a sale or merger.

The company has not set a definitive timetable for completion of its previously-announced review and said: "…there can be no assurances that the evaluation process will result in any transaction."

Gottschalks added that it does not intend to disclose developments regarding its evaluation of strategic alternatives unless and until the board of directors has approved a specific transaction.