Jeffrey N. Boyer and Gregory A. Sandfort will serve as co-presidents of the chain, sharing Rouleau's previous duties. Boyer, previously executive vice president and chief financial officer, and Sandfort, previously executive vice president and general merchandise manager, both will report to the chain's board and to chairman Charles J. Wyly Jr.

In addition to continuing as CFO, Boyer's responsibilities will include information technology, human resources, real estate, strategic planning, legal and new businesses. For his part, Sandfort, who also will be chief operating officer, will be responsible for merchandising, store operations, marketing and supply chain areas.

Regarding the possible sale, JPMorgan's exploration is expected to take several months and doesn't necessarily mean that the chain will be sold, according to a company statement. The company did not return calls by press time, but Wyly did comment in the statement: "The Company's growth under Michael Rouleau has put us in a strong position to consider new ways to realize the full value of our franchise. Our decision to explore strategic alternatives is driven by a commitment to create value for our shareholders and exciting new opportunities for our employees, while positioning the Company to expand market share, improve customer service, and deliver stronger performance."