Regional department store chain Gottschalks, which operates 58 stores and three specialty apparel stores in six western states, has filed for bankruptcy protection.
The Fresno, California-based company said it had negotiated $125 million in debtor-in-possession financing from a group of lenders led by GE Capital, a unit of General Electric Co.
Gottschalks plans to pursue options that include the possible sale of the company or another transaction, it said.
The company will conduct business as usual during the process, its chief executive said in a statement.
To date in 2009, here's a summation of the major announcements from retailers. In the bankruptcies and liquidations section I'm listing the number of stores the chain owns and not necessarily how many the company is planning to close if they have not disclosed that yet:
Bankruptcies and Liquidations:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
Potential Bankruptcies & Liquidation Impact: 432 stores
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
Total Closings: 137 stores
Potential Impact of All Announcements to Date: 569 stores