Gottschalks Inc., a retailer in business for 104 years which has a store in downtown Port Angeles, announced this morning that it has filed a voluntary petition for reorganization relief under Chapter 11 of the U.S. Bankruptcy Code.
The retail chain based in Fresno, Calif., reported a $10.1 million loss in the third quarter of 2008 and began looking to sell the business. A deal with Everbright Development Overseas Ltd., a British Virgin Islands corporation, fell through in December. Gottschalks officials are continuing to pursue a sale of the business.
