Gottschalks Loses a Lifeline

December 19, 2008 12:07:47 AM PST
The Chinese company that agreed to provide $30 million dollars to the Fresno based department store chain has backed out of the deal.                 |   Watch Videos Above for More Information   |

Paperwork filed with the Securities and Exchange Commission shows "Everbright Development Overseas" canceled the deal that would have given Everbright a majority ownership in Gottschalks.

The documents do not reveal why Everbright chose to sever the agreement. The deal would have enabled the retailer access to low cost products from the Chinese manufacturers.

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