Gottschalk’s Files for Bankruptcy

WILMINGTON, Del. (CN) - Gottschalk's department stores filed for bankruptcy, listing $197 million in debts. Fresno, Calif.-based Gottschalk's has 5,300 workers in its 58 department stores in six Western states, including 38 stores in California. It share price has fallen from $15.37 in April 2007 to 11 cents.

Gottschalk's announced it will try to sell itself soon. The expected buyer is a Spanish company, El Corte Ingles, which already owns 16% of Gottschalk's.

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