A liquidator was the successful bidder at the Gottschalks auction in Delaware on Monday. This is tragic news for over 5,000 employees of the 105 year-old company.
The company was going to begin notifying all employees today and going-out-of-business sales are expected to begin later this week. The liquidation is expected to be complete by July.
On Wednesday an auction date is expected to be set to deal with Gottschalks real estate assets.
The liquidator is expected to identify employees it wishes to retain before the sale begins. The selected employees will remain on Gottschalks payroll throughout the liquidation process and may receive retention bonuses of up to 10% of their base pay.
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