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CEO: Gottschalks Not Closing

Published January 20, 2009 6:46 AM

The CEO of the Gottshalks department store chain says the retailer isn’t going out of business.

In a letter to the company’s vendors,Gottschalkschairman and CEO Jim Hamalette says he won’t close any of Gottschalks’ locations.

The Fresno-based company filed for Chapter 11 bankruptcy last weekafter losing more than $10 million in the 3rd quarter.

The company raised $125 million in loans but says it plans to come back even stronger.

There aretwo Gottschalks locations in the desert — one in Palm Springs and one in Indio.

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