Shop Talk

Check out the latest liquidation sale in the retail world.

U.S. regional department store chain Gottschalks will be liquidated after it failed to attract a buyer willing to operate the company as a going concern, the creditors’ committee said.  Going-out-of-business sales at the company’s 58 department stores and three specialty apparel stores in six western states are expected to begin around April 3.

A joint venture of liquidators won the auction for the assets of the Fresno, California-based chain, which filed for bankruptcy protection in January.  The auction is subject to bankruptcy court approval.

Liquidation sales in the current environment of lower consumer spending are not unusual.  In November, Circuit City Stores became the highest-profile retailer to file for bankruptcy during the recession and liquidated its assets after failing to find a buyer.

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(Reuters photo)