Report: Wal-Mart looking at Gottschalk
A trade journal report that retail giant Wal-Mart may be interested in buying Gottschalks caused the Fresno-based department store chain's stock to jump almost 4 percent Monday. Gottschalks has been pursuing a potential sale since last summer.
A Women’s Wear Daily report on Monday said Wal-Mart had received a copy of detailed information sent to potential buyers.
Neither Wal-Mart nor Gottschalks would comment on the report.
Wal-Mart is only the latest name to surface in connection with a purchase of the 103-year-old Gottschalks. The United Arab Emirates firm that owns Loehmann’s department stores, J.C. Penney Co., Dillards and a private equity firm have all been mentioned as potential buyers.
Gottschalks closed at $13.90 a share Monday on the New York Stock Exchange with daily trading more than double the average volume.
The chain began in 1904 as a 10,000-square-foot dry goods store in downtown Fresno and now owns 63 department stores and 10 specialty stores throughout six western states: California, Washington, Alaska, Idaho, Oregon and Nevada. It is the largest independently owned department store chain based in California.