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Regional Retailer Gottschalks Files For Ch. 11

Law360 (January 14, 2009, 12:00 AM EST) -- In the wake of a dismal holiday shopping season and the global credit crunch, regional department store chain Gottschalks Inc. has filed for Chapter 11 bankruptcy protection and is seeking a buyer or third-party investor.

In a voluntary petition for reorganization relief filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Gottschalks listed its assets as $288 million and its liabilities as $197 million.

The company said it would continue to conduct business as usual as it pursues one or more options to...
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