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Forever 21 Submits Bid to Buy 17 Gottschalks Stores Out of Bankruptcy
Forever 21 has made a bid
to purchase 17 Gottschalks stores out of bankruptcy court for $17.7 million.
According to court documents filed on May 21 in U.S. Bankruptcy Court in Delaware, the Los Angeles-based retailer is the stalking horse bidder for the properties, which range geographically from Hemet, Calif., to Anchorage, Alaska.
If the deal is approved, Forever 21 Inc. would buy three California locations outright and assume the leases on 14 other Gottschalks stores. The Fresno, Calif.-based department store chain filed for Chapter 11 protection on Jan. 14, the same day that Goody's Family Clothing Inc. entered Chapter 11 for a second time. Goody's has since been liquidated.
A consortium of liquidators including Great American Group, Tiger Capital Group, SB Capital Group and Hudson Capital Partners is winding down operations at 58 Gottschalks stores in six Western states.
It would not be the first time Forever 21 has expanded through the insolvency of a competitor. In December, the company placed a similar bid on 15 former Mervyns locations when the California department chain was in bankruptcy.
Forever 21 is continuing to expand, despite the recession. It currently operates more than 450 stores.
Posted on May 27, 2009
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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.
Posted on March 31, 2009
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Gottschalks Files Bankruptcy, Goody's to Liquidate Stores
Gottschalks, a Fresno, California based department store chain founded in 1904, has filed for bankruptcy. Bloomberg says the company is looking for a buyer. Most of Gottschalks stores are in California.
Gottschalks, founded in 1904 in Fresno, California, is looking for a buyer. Goody's, based in Knoxville, Tennessee, plans to liquidate after entering bankruptcy for the second time in seven months. Both companies filed their Chapter 11 petitions in U.S. Bankruptcy Court in Wilmington, Delaware.
"Persistent challenges in the economy and recent unexpected reductions to our borrowing capacity as a result of tightening credit markets have left us with no other recourse," Gottschalks Chairman Jim Famalette said today in a statement.
Goody's filed for Chapter 11 bankruptcy earlier this month. They now plan to liquidate the remaining 282 stores.
Posted on January 14, 2009
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