TrafficCourt

Unless it Finds a Buyer, Gottschalks May Be Headed for Liquidation

RSS
The retailer, whose operations include department stores in Antioch, Stockton, Tracy, Santa Rosa and Capitola, said it hopes to complete an auction by March 17 that would lead to a sale of the company. Fresno-based Gottschalks operates primarily in malls located in suburban and rural markets in California, Washington, Oregon, Nevada, Idaho and Alaska.

Absent a buyer, Gottschalks would move toward a liquidation during the spring, company filings with the U.S. Bankruptcy Court in Delaware shows.

Gottschalks listed $197 million in debts and $288 million in assets in its bankruptcy filing on Jan. 14.

"The very weak retail and credit environment" triggered the bankruptcy filing, J. Gregory Ambro, chief operating officer of Gottschalks, stated in an affidavit that accompanied the filing.

Link.

Please or Register to post comments.

What's TrafficCourt?

Industry news, views and occasional strange stuff.

Contributors

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...
Blog Archive
National Real Estate Investor Related Sites

Sponsored Introduction Continue on to (or wait seconds) ×