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.