Just because premium denim company True Religion Apparel Inc. revealed last week that it opted not to renew an employment contract with its founder and fashion guru, Jeff Lubell, that doesn’t mean he’ll be leaving for good.

Jeff Van Sinderen, an analyst for B. Riley & Co. LLC in Westwood, said the jeans maker was just smoothing the way for a potential sale in its diligent search for a buyer.

“I take this at face value, which is that they’re still in the process of exploring strategic alternatives, so it makes sense to defer that sort of long-term contract,” he said. “If for whatever reason the company is not sold, I think Jeff would still be there running the company.”

True Religion announced last year that it had assembled a team of nonmanagement directors to explore strategic options, including a sale, after inquiries from interested buyers.

Shares of the jeans maker’s stock rose more than 3 percent to $27.64 last week after the company filed a document with the Securities and Exchange Commission that said “it would not be appropriate” to renew a three-year agreement with Lubell, the company’s founder, chief executive, chairman and creative director.

True Religion will consider an alternative employment arrangement for Lubell after his contract expires June 30; until then, he will continue in his current roles. In 2011, he was paid a salary of almost $1 million and brought home an additional $8 million in other compensation.

Executives declined to comment further on Lubell’s status for this article.

Van Sinderen said he believes Lubell could continue leading True Religion even after a sale.

“This just leaves options open,” he said. “I think it’s as simple as that. Why would you lock someone into a long-term contract while you’re in this process? And why would you want to be locked in if you were Jeff Lubell?”