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Posted by: thepinetree on 04/09/2009 03:35 PM
Updated by: thepinetree on 04/11/2009 01:36 AM
Expires: 01/01/2014 12:00 AM
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The Sad Gottschalks Liquidation is Well Underway ~By John Hamilton
Sonora, CA...We stopped by the Sonora Gottchalks store a couple of days ago. The store was filled with bargain shoppers looking for deals as the liquidation begins. In a manner similar to the Mervyn's closing there were a few deals were to be had at deep discounts the bulk of the inventory was only modestly reduced, as the group of liquidators, including SB Capital Group LLC, Tiger Capital Group LLC, Great American Group LLC and Hudson Capital Partners LLC who won the auction for the assets of Gottschalks last month starts recouping their investments. In retrospect it would probably have been better for the employees, commercial property owners and others if the Judge would have been more receptive giving more time to a Chinese companies efforts to put in a bid for the company.....
The liquidators did according to numerous reports make a very fair bid for the inventory. Their bid cam in at $.98 of every dollar of inventory in the 58 Gottschalks stores that was valued at $103 million.
This is a sad, quick and final end to the chain which has been in existence since 1904. There is a small chance that Shandong Commercial Group General might still have an interest in the remnants of the Gottschalks chain after the liquidation process has been completed
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