Does anyone have cash for Cash4Gold?

Cash4Gold, the Pompano Beach, Fla., gold-­buying-by-mail service famed for its once-ubiquitous intentionally cheesy ads, has retained Phoenix Capital Resources to evaluate the company’s strategic options, including a potential sale.

The news comes as a lawsuit against the company from its former ad agency raises questions about Cash4Gold’s financial condition.

Court papers filed by Euro RSCG Direct Response include a copy of a purported offering memorandum from Phoenix, which states that the company’s revenue fell substantially in 2010.

The memorandum says that when a portion of the company was sold in 2008 to professional investment firms, they changed the direct marketing commercials, “which current management believe[s] caused a decrease in volume.”