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Gottschalk's Gets Some Bids

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Some good news! Gottschalk's, which some said might be headed for liquidation, has received some bids including one from a Chinese firm that wants to keep the company operating.

Gottschalks Inc. said Thursday it has three bids for the department-store chain — including one from a government-controlled retail conglomerate in China that hopes to keep the business running.

Shandong Commercial Group General Corp., one of China's largest retail companies, was named along with the other two bidders in a filing Thursday with the U.S. District Bankruptcy Court in Delaware.

It is the only suitor proposing to buy Gottschalks — which filed for bankruptcy protection in mid-January — as a "going concern."

The other two bids are from companies that would dispose of the merchandise through going-out-of-business sales and close the stores.

Details of the Shandong proposal — such as how many stores it would keep open — were not disclosed Thursday.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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