Home / Knowledge / News / Apparel/Garments / Department store chain Gottschalks sells its Palmdale Store
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


Must ReadView All

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search