Forever 21 Bids $17.7M For 14 Gottshalks Stores

Law360, New York (May 22, 2009, 12:00 AM EDT) -- Retailer Forever 21 Inc. has entered a $17.7 million stalking horse bid with bankrupt regional department store chain Gottshalks Inc. to take over leases for 14 of its former stores and buy three properties.

In motions filed Friday in the U.S. Bankruptcy Court of Delaware, the bankrupt retailer confirmed that it had reached a stalking horse agreement with Forever 21 to shed several of its stores.

According to court documents, Forever 21, or the successful bidder, is willing to pay $17.7 million to assume the retail...
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