Friday, November 21, 2008

Gottchalks now owned by Communist China

Crappy retailer and current tenant of our local mall, whose stock is worthless, was "purchased" by the Communist Chinese.

Gottchalks throws in the towel on America?:

West Coast department store chain Gottschalks, which has been consistently in the red, is getting a $30 million cash infusion from a company with strong ties to the Communist government of China.

Gottschalks Inc. (Pink Sheets: GOTT) of Fresno says it has signed a definitive agreement for up to a $30 million investment in the company by Everbright Development Overseas Ltd., which is set up as a British Virgin Islands corporation.

For the money, Everbright gets 40 million shares of Gottschalks common stock, to be issued at a price of $1.80 per share, which will amount to approximately 75 percent of the company's common stock.

1 comment:

Anonymous said...

The Chicoms are taking over. Better work on your pen control, those characters are difficult to draw.