Chinese Conglomerate Negotiating With Gottschalks
Fresno, CA — Gottschalks Inc. may have a buyer.
The Associated Press reports that the Fresno-based retailer might avoid liquidation if a Chinese government-controlled conglomerate is successful in its late bid to buy the company.
Under Chapter 11 Bankruptcy proceedings, Gottschalks has until Monday to finalize the deal.
Two earlier bids presented to U.S. District Bankruptcy Court in Delaware are from liquidators who would sell the company’s assets. An auction is scheduled for Monday in Delaware. Company officials have been holding after-hours conference calls with the Shandong Commercial Group General Corp. in an effort to save the retailer.
The company, founded in 1904 in Fresno, employs 5,200 people at 58 department stores across the West, inlcuding one is East Sonora. Shandong is among China’s 20 largest retailers.
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