Gottschalks Likely to Run Out of Money by the End of the Month - KMPH FOX 26 | Central San Joaquin Valley News Source

Gottschalks Likely to Run Out of Money by the End of the Month

Posted:

By Ashley Ritchie and Winston Whitehurst

Gurpreet Brar is one shopper trying to keep Gottschalks from going under.

"This is a nice store here, especially for Riverpark and the people who live out here," Brar said.

"They've been a mainstay of the Fresno community and the Central Valley area. It's just really hard to imagine this area without a Gottschalks," Fresno Economist Henry Nishimoto said.

But that reality might not be far off after Gottschalks recently filed paperwork with the Securities and Exchange Commission saying it could run out of money by the end of this month, without some kind of help.

"Unless they can find some investors who are willing to come in and infuse some capitol, working capitol, there are just not a whole lot of options for them," Nishimoto said.

Nishimoto says a failed Gottschalks would have a huge impact right here at home.

"In a word: jobs. Gottschalks employs a lot of people at the retail level and that provides a lot of stimulus for the economy and the Central Valley," he said.

"Eventually if this is running out of money, you start worrying about all the other stores too," Brar said.

For Gupreet Brar, she'll continue shopping here at Gottschalks, hoping to be the difference that keeps it afloat.

Nishimoto says, unless an investor comes in to save Gottschalks, the company will likely file for chapter 11.

As for whether or not more stores are to follow, Nishimoto says it really depends on how successful the stimulus package is and whether banks are able to extend credit again.

Gottschalks had its stock listing pulled from the New York Stock exchange back in October. The company was suspended because its value fell below $25 million.

  • Local NewsLocal NewsMore>>

  • Wildfire Near Yosemite Balloons to 2,100 Acres, Forces Road Closures

    Wildfire Near Yosemite Balloons to 2,100 Acres, Forces Road Closures

    A fire is burning near Yosemite National Park right now, threatening homes and forcing road closures.The fire started Saturday around 4:30 p.m. and now covers 500 acres.It is burning in the Merced Canyon, and has been named the “El Portal Fire.”The U.S. Forest Service reports that six homes have been evacuated, but more evacuations have been ordered to the town of Foresta, east of El Portal.The fire is moving in a North and East direction.So far, it has ordered the closure of Highway 120, bet...More >>
    A fire is burning near Yosemite National Park right now, threatening homes and forcing road closures.The fire started Saturday around 4:30 p.m. and now covers 500 acres.It is burning in the Merced Canyon, and has been named the “El Portal Fire.”The U.S. Forest Service reports that six homes have been evacuated, but more evacuations have been ordered to the town of Foresta, east of El Portal.The fire is moving in a North and East direction.So far, it has ordered the closure of Highway 120, bet...More >>
  • Clovis Police Van Recovered, Man Under Arrest

    Clovis Police Van Recovered, Man Under Arrest

    A man is now under arrest after Clovis Police say he stole one of the department’s vans Saturday night, and abandoned it a short time later. Police say the man took off around 9:00 p.m., and dumped it a short time later in the area of Ashlan and Thompson.So far, no details have been released on how the vehicle was taken.For the following hour, police canvassed a large area, from Ashlan to Dakota, and Thompson to McCall.Officers caught up withthe manaround 10:30 p.p.m.aK9 officer detained the ...More >>
    A man is now under arrest after Clovis Police say he stole one of the department’s vans Saturday night, and abandoned it a short time later. Police say the man took off around 9:00 p.m., and dumped it a short time later in the area of Ashlan and Thompson.So far, no details have been released on how the vehicle was taken.For the following hour, police canvassed a large area, from Ashlan to Dakota, and Thompson to McCall.Officers caught up withthe manaround 10:30 p.p.m.aK9 officer detained the ...More >>
  • Customer Steals Parts While Bike Shop Owner Repairs His Bike

    Customer Steals Parts While Bike Shop Owner Repairs His Bike

    A customerdecided to help himself to bike parts atFulton Cycle Works in downtown Fresno while the ownerwas busy repairing his bicycle. The burglary was caught on the owner's security cameras. The owner Darren Johnson called the thief a semi-regular customer. "It' hurts, it hurts. I take it personal because I have to trust people in this spot to kind of be on their honor."Johnson says the thief helped himself to a pair of gloves, bike grips and a set of tires. He brought a second bike to the s...More >>
    A customerdecided to help himself to bike parts atFulton Cycle Works in downtown Fresno while the ownerwas busy repairing his bicycle. The burglary was caught on the owner's security cameras. The owner Darren Johnson called the thief a semi-regular customer. "It' hurts, it hurts. I take it personal because I have to trust people in this spot to kind of be on their honor."Johnson says the thief helped himself to a pair of gloves, bike grips and a set of tires. He brought a second bike to the s...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KMPH. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.