Chinese firm cancels deal with Gottschalks

[Newsjock]

Source: Fresno Bee

The Chinese company expected to provide a $30 million cash lifeline to Gottschalks Inc. has terminated its investment agreement with the Fresno-based department store chain.

In documents filed with the U.S. Securities and Exchange Commission, Gottschalks officials reported that Everbright Development Overseas Ltd. opted this week to cancel the deal that would have given Everbright a majority ownership of the struggling retailer.

In the forms filed with federal regulators, Gottschalks Chief Operating Officer Greg Ambro said Everbright “exercised its right to terminate the investment agreement.” Gottschalks officials were unavailable to comment Thursday afternoon.

... Gottschalks, founded in 1904, operates 59 department stores and three specialty clothing stores throughout the western United States.

Read more: http://www.fresnobee.com/news/updates/story/1085961.html

[FreakinDJ]

1. RATpublican Trickle Down Economics - The Gift that Keeps on Giving

another one soon to bite the dust