On January 14, 2009, Gottschalks, Inc. filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. As seen on their website 1/18/09, "While Gottschalks has a 104-year heritage of serving customers in western markets, we have recently faced considerable challenges to our business as a result of the tightened credit markets and the challenging economic environment. Chapter 11 reorganization provides the legal framework that allows us to keep the business operating normally while we execute one or more options to create value for stakeholders
including pursuing a sale of our business or another transaction with a third-party investor. Please be assured that Gottschalks is not going out of business. We will continue business as usual and our stores will continue operating as normal at this time. The filing gives our company the time and resources necessary to address our financial challenges while continuing to provide our customers with the quality brands, great value and exceptional service they expect from Gottschalks."

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