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Department store chain Gottschalks sells its Palmdale Store
28
Jul '08
Gottschalks Inc announced that the Company has entered into a purchase agreement to sell its wholly-owned store in the Antelope Valley Mall in Palmdale, California, to Forest City Enterprises, a Cleveland, Ohio-based real estate management and development company.

The Company currently leases a second store within the same mall and will consolidate its two locations into this second store upon completion of the transaction. This sale will allow Gottschalks to streamline its operations and maximize shareholder value as part of its previously announced Value Improvement Program.

The sale is expected to be completed during the third quarter of 2008. Gottschalks expects to close its 105,000-square-foot wholly-owned store and consolidate its two stores into its second 92,000-square-foot location in the first half of 2009. Following the completion of the transaction, during the transition period, the Company will lease both stores.

Gottschalks will use the proceeds from the sale of the Palmdale store to pay down debt and increase availability in the Company's credit facility.

Jim Famalette, Chairman and Chief Executive Officer of Gottschalks, stated, "We are pleased to have signed an agreement for the sale of our Palmdale store. This transaction allows us to streamline our operations and reduce our debt."

As previously announced, the consolidation and remodeling of the Company's two Bakersfield, California stores into one is expected to be completed in August, 2008. Following that consolidation and the anticipated completion of the Palmdale consolidation, Gottschalks will no longer operate two stores in the same shopping center in any of its markets.

Gottschalks Inc


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Courtesy: Business wire

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