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Home Front

A blog about the economy and the Sacramento-area real estate market.

January 9, 2009
Gottschalks, again

    Something may be cooking with regard to Gottschalks Inc., the struggling Fresno department store chain that serves much of the Central Valley.

      Women's Wear Daily (earning its first-ever mention in Home Front) is reporting that the retailer is close to announcing a rescue package - possibly today. The plan would include investments from Everbright Development Overseas, the Chinese company that pulled out of an earlier commitment to Gottschalks, and El Corte Ingles, a Spanish retailer that owns a stake in Gottschalks.

     On the other hand, the Fresno Business Journal says Gottschalks is preparing to file for bankruptcy protection - also as early as today. The Journal says employees were told to cash their paychecks quickly. It also says the company might close 15 stores.

    Earlier this week we reported on Gottschalks' woes and what that means for the Valley. On Thursday the company reported a woeful 10 percent drop in same-store sales in December.

    Stay tuned.

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