GOTTSCHALKS TO BUY HARRIS CHAIN; BOTH DEPARTMENT STORES TO STAY OPEN AT ANTELOPE VALLEY MALL.Byline: Jim Skeen Daily News Staff Writer Gottschalks will acquire the assets of The Harris Co. department-store chain, but will continue to operate both stores at the Antelope Valley Mall The Antelope Valley Mall is an enclosed shopping mall in Palmdale, California. Opened in September, 1990, its buildings take up around 1 million square feet (90,000 m²). Its physical main building, parking lots, and ring road businesses encompass an area a bit less than 0. , officials said Wednesday. Gottschalks and El Corte Ingles S.A., the Spanish company that owns Harris, announced they have entered into an asset-purchase agreement. The purchase price consists of more than 2 million shares of common stock of Gottschalks, an 8 percent extendable subordinated note due 2003 in the principal amount of $22.2 million, and the assumption of certain liabilities of The Harris Co. Both Gottschalks and Harris have stores in the Antelope Valley Mall. Gottschalks plans to continue operating both stores, with one offering men's and children's clothing, and the other offering women's clothes, said Alan Weinstein Alan David Weinstein is a professor of mathematics at the University of California, Berkeley who works in symplectic geometry. Weinstein completed his Ph.D. at Berkeley in 1967 under the direction of Shiing-Shen Chern. , senior vice president and chief financial officer of Gottschalks. ``We think it'll be a real positive for everyone,'' Weinstein said. The agreement needs to be approved by the U.S. government and by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Those approvals are expected to occur in three to five weeks, Weinstein said. The Harris Co. operates nine department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and plans to close only the San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. store. The nine stores had sales of $97.4 million for the fiscal year ended Jan. 31. Gottschalks tried a year ago to acquire The Harris Co., announcing it had signed a non-binding letter of intent to form a ``strategic alliance'' in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century with El Corte Ingles, the largest retailer in Spain. That deal fell apart, however, when the two parties could not agree on terms. The Harris and Gottschalks stores - along with J.C. Penny and Sears - are original anchor stores for the Antelope Valley Mall, which opened in Palmdale in September 1990. A Mervyn's department store was added later. City officials say a deal to bring a Dillard's department store to the Antelope Valley Mall is still on track. Plans call for the Dillard's to encompass approximately 150,000 square feet just north of the Oasis food court. In addition, plans call for adding 12,000 to 14,000 square feet of mall shops that would connect the main mall to the Dillard's store, according to a city staff report. |
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