Gottschalks, the 105-year-old Fresno-based department store company, will be up for auction today in Delaware, where it filed for bankruptcy in January. There are three bidders in the running for the company's assets. Let's hope the winning bidder keeps the business open.
The auction will begin at 7 a.m. Pacific time. The details are in this story in today's Bee. It is unlikely that the results of the auction will be made public until Wednesday, when a bankruptcy judge will be asked to approve the winning bid, according to The Bee's story.
Those close to the bidding process say that only one bidder would keep the company operating. That bidder is China's Shandong Commercial Group. We should be rooting for Shandong Commercial Group because the other two bidders want to liquidate the company. That means selling off its assets and closing the stores.
The retailer, which has 58 department stores and three specialty stores in six Western states, employs about 5,200 people. Many of those are in Fresno, and its closure would be a huge blow to the local economy. In addition, Gottschalks is the anchor store at the shopping malls they are in and a Gottschalks closing would not be helpful to the stability of those malls.
It would be difficult for me to imagine Fresno without Gottschalks.
So two of the three are liquidating companies, the third is a company out of Communist China.
Leave it to Commies to help the Capitalists, the other two are scavangers just the same selling off Gottschalks scraps.
They always seemed overpriced 30-35 bucks for a frickin t-shirt? It's time they got off the gravy train as well.
It is sad to see that they may close down for many reasons that have been stated. I also think they were overpriced a bit but hate to see it close anyway for economic reasons.
Fresno's Gottschalks had always higher prices then many other stores around. But Gottscxhalks had ambiance, affordable snob appeal (hahaha) and nice and comfortable merchandise display. Management traded it in for bigness. I stopped shopping at Gottschalks when the display racks became so overstuffed, that in order to look at a clothing item, one would accidentally push a lot of garments off the end of the rack. I got the same labels and brands cheaper from mail order catalogues . Some folk just don't recognize when they have a good thing going. But the bottom line, I am not so sure (any longer) about corporate bankruptcy. I know they don't have to pay what they owe, or just part of it. I am still thinking about the K-Mart bankruptcy. Shortly thereafter, to my greatest surprise they purchased Sears Roebuck. Yes they bought Sears. And Sears owned Orchard Supply, Lands' End; and maybe others. How could that poor bankrupt K-Mart afford it? Like the noble nights of yore turned robber nights, maybe contemporary business turned robber business. Hopefully there is a Henry the Fowler (876-936) waiting in the wing. That is for the history buff....hahaha!
I feel sorry for the employee's of the company, but for the family of the Joe and Sharon forget it. Yes they did do things to help part of Fresno but the people who woked at Valley Medical Center THEY stole their jobs and from the people of Fresno County residents they took away a hospital that cared a about people. ITS KARMA!