Gottschalks secures exclusivity extension to finalize negotiations

By Caroline Salls

Pittsburgh, Sept. 28 - Gottschalks, Inc. has received an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Nov. 16 from Sept. 14 and the solicitation period to Jan. 15 from Nov. 16.

Gottschalks said it has made "substantial progress liquidating the remaining assets of the estate" and formulating a plan of liquidation, but the size and complexity of its business operations justify an additional extension to finalize negotiations.

Gottschalks, a Fresno, Calif.-based regional department store chain, filed for bankruptcy on Jan. 13, 2009. Its Chapter 11 case number is 09-10157.

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