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GOTTSCHALKS ANNOUNCES CHAIRMAN TARGET OF INVESTIGATION

 FRESNO, Calif., Nov. 27 ~PRNewswire~ -- Gottschalks Inc. (NYSE: GOT) reported today that Joseph W. Levy, the company's chairman and chief executive officer, has been notified that he is a target of the ongoing federal criminal investigation relating to the company's filings with the Securities and Exchange Commission.
 As was widely reported at the time, the company pled guilty last July to three criminal charges and paid fines totaling $1.5 million in order to settle all federal criminal matters relating to (i) a questioned tax deduction on the company's 1985 federal tax return, and (ii) the reports and registration statements filed by the company with the Securities and Exchange Commission. The company has not been designated a target of the current phase of this investigation.
 Levy has advised the company that he had no knowledge of any wrongdoing. He has further advised the company that he intends to facilitate the government's investigation so that it can be concluded as soon as possible. The board of directors of the company has declined to accept Levy's offer to take a leave of absence from the company pending resolution of the government's investigation.
 The company is continuing to cooperate fully with the government's investigation but cannot predict its outcome nor its materiality.
 -0- 11~27~92
 ~CONTACT: James Clifford, executive vice president~chief financial officer, 209-434-4744, or Warren Williams, general counsel, 209-434-4779, both of Gottschalks~
 (GOT)


CO: Gottschalks Inc. ST: California IN: REA SU:

SG-LA -- SF001 -- 3939 11~27~92 19:28 EST
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Publication:PR Newswire
Date:Nov 27, 1992
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