By  on December 19, 2007

Cherokee Inc. said Tuesday that it hired Goldman, Sachs & Co. to investigate options for maximizing shareholder value, which could include a sale of the company.

The California-based licensor and brand manager said in a statement that it would not comment further until Goldman Sachs completes its analysis and its own board approves any transaction, "if that occurs." Investors praised the move by sending shares up 6.5 percent, closing at $34.50. The 52-week high is $48.76, while the low is $29.50.

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