PDN news sources
PORT ANGELES — Gottschalks Inc., which operates downtown Port Angeles’ largest department store, will be liquidated after it failed on Monday to attract a buyer willing to continue operating the company as a retail concern, the head of the company’s creditors’ committee told the British news service Reuters on Monday night.
A joint venture of liquidators including SB Capital Group LLC, Tiger Capital Group LLC, Great American Group LLC and Hudson Capital Partners LLC won a closed-door auction for the assets of Gottschalks, Reuters quotes Larry Gottlieb, chair of the bankruptcy and restructuring practice at law firm Cooley Godward Kronish LLP, as saying.
The results of the auction are subject to bankruptcy court approval, scheduled for Wednesday.
Going-out-of business sales at the chain’s 58 stores — including Port Angeles’ at the corner of Oak and First streets — are expected to begin on or around Friday, Gottlieb told Reuters.
Confirmation of the Reuters report was made by the company’s CEO late Monday night.
