Pharma Investments, Ventures & Law Weekly
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Gottschalks Inc.
Gottschalks Provides Update on Bankruptcy Proceedings
March 22nd, 2009
Gottschalks Inc. (Pink Sheets: GOTTQ.PK) announced that it has received approval from the bankruptcy court to extend its auction date until March 30, 2009, to allow for further negotiations related to potential going concern offers. The Company remains in active discussions with multiple potential buyers and continues normal business operations in its stores. Additionally, the court approved the Employee Retention Plan and the Executive Incentive Plan, finding that they were appropriate in assisting the Company to achieve its goals. Jim Famalette, Chairman and Chief Executive Officer of Gottschalks, said, "We are pleased the court has extended the...
Source: Pharma Investments, Ventures & Law Weekly (2009-03-22)
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