Gottschalks preparing to close

MOSES LAKE — Retailer Gottschalks announced the Moses Lake store is closing and the inventory could begin liquidating as early as Thursday.

The company made the announcement Tuesday and indicated liquidation of goods should finish around July 15.

Gottschalks was looking for a buyer or a third-party investor in January when it filed for Chapter 11 bankruptcy protection.

The company previously cited challenges to the economy and tightening credit markets as some reasons for the filing.

The store’s final closure date wasn’t known Tuesday.

“Despite all our efforts at earnest negotiations, we were unable to reach an agreement with our creditors, lenders and bidders to structure a going-concern bid by the court imposed deadline,” stated Jim Famalette, Gottschalks chairman and chief executive officer. 

“Regrettably, liquidation is now the only path for our company,” he stated. “We are deeply disappointed with this outcome and the impact it will have on our employees, customers, business partners and the communities we have served for 105-years.”

The company declined to reveal the number of employees at the Moses Lake store on Stratford Road.

— Staff report