Gottschalks to Liquidate, Going-out-of-business Sales to Start April 3rd
Reuters reports that the Gottschalks department store chain will be liquidating. Going-out-of-business sales are expected to begin on April 3rd. The company was purchased by a group of liquidators that purchased Gottschalks during an auction.
U.S. regional department store chain Gottschalks will be liquidated after it failed to attract a buyer willing to operate the company as a going concern, the head of the company's creditors' committee said on Tuesday.
A joint venture of liquidators including SB Capital Group LLC, Tiger Capital Group LLC, Great American Group LLC and Hudson Capital Partners LLC won the auction for the assets of Gottschalks, according to Larry Gottlieb, chair of the bankruptcy and restructuring practice at law firm Cooley Godward Kronish LLP.
The results of the auction are subject to bankruptcy court approval. Going-out-of business sales at the chain are expected to begin on or around April 3, Gottlieb said.
Gottschalks has 58 stores as well as 3 specialty stores. The retailer employed over 5,000 people.
Reuters 
