Cherokee Inc. said Tuesday that it is reviewing financial alternatives for the company, including a possible sale.

The Van Nuys-based clothing licenser said that the move is an effort to increase shareholder value. Cherokee said it hired investment bank Goldman Sachs & Co. to assist with the review and added that it will not comment further until its board approves a specific transaction.

Shares surged 4.5 percent Tuesday to $33.87 and have rebounded from hitting a 52-week low of $29.50 earlier this month after reporting tepid third-quarter earnings.