Gottschalks chain may be sold

Regional department store chain Gottschalks Inc. said Friday that it was evaluating strategic alternatives, including a possible sale of the company.

The Fresno-based company, with 61 department stores in six Western states, said it did not intend to provide updates on the progress of the review until a specific transaction is approved.

A likely buyer could be a partnership between a private equity firm and a real estate developer, CL King analyst Mark Montagna guessed, since Gottschalks owns real estate whose value Montagna estimates at $95 million.

He said that Gottschalks could fetch a price at the higher end of the $13-to-$24-per-share range, based on recent prices for department store acquisitions.

Shares of Gottschalks rose 47 cents Friday to $10.24.