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.