Gottschalks receives court approval for first day motions

Mon. January 19, 2009; Posted: 05:01 AM

Jan 19, 2009 (Datamonitor via COMTEX) -- GOTT | Quote | Chart | News | PowerRating -- Department store operator Gottschalks has received approval for all of its first day motions from the US Bankruptcy Court for the District of Delaware.

These motions were submitted on January 15, 2009, as part of Gottschalks's voluntary filing for reorganization relief under Chapter 11 of the US Bankruptcy Code.

Gottschalks received court approval for a $125 million debtor-in-possession (DIP) revolving credit facility to supplement its working capital and provide additional liquidity during the reorganization process. This financing, which is being provided by a group of lenders led by GE Capital, enables the company to pay vendors and other business partners in the ordinary course for goods and services received after the filing.

Among other first day motions, Gottschalks received authority to continue to make wage and salary payments and continue various benefits for employees as well as honor customer programs, such as returns, exchanges and gift cards.

Jim Famalette, chairman and CEO of Gottschalks, said: "We are pleased to have obtained court approval for our first day motions, a critical first step in Gottschalks's reorganization process. These approvals will ensure that we are able to operate on a normalized basis as we pursue options to create value for stakeholders, including a potential sale of the business. At the same time, we are confident that we will be able to continue serving our loyal customers without interruption."

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