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Gottschalks In Danger Of Going Out Of Business

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Jan 6, 2009 5:00 pm US/Pacific

Gottschalks In Danger Of Going Out Of Business

FRESNO (CBS13) ― Mid-priced department store chain Gottschalks Inc. appears in danger of going out of business.

Paperwork filed in November with the Securities and Exchange Commission shows the Fresno-based chain could run out of cash by the end of this month without some sort of help.

Last month, company officials announced a $30 million deal with a Chinese company had fallen through. The retailer is reportedly still in talks with Everbright Development Overseas Ltd. and an unidentified third party, but have yet to reach an agreement.

Gottschalks, with about $600 million in annual sales, is especially vulnerable in the economic downturn because it can't buy goods as cheaply as larger retail chains.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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