Printer Friendly

GOTTSCHALKS ANNOUNCES EXTENSION OF BANK'S FINANCING

 FRESNO, Calif., June 1 /PRNewswire/ -- Gottschalks Inc. (NYSE: GOT) announced today that Wells Fargo Bank, N.T.S.A. (NYSE: WFC) has increased its existing line of credit to $5 million, for a total line of $75 million, through June 30, 1993.
 In addition, the company announced that it has entered into a letter agreement with Wells Fargo, confirming that Wells Fargo will make available to the company a line of credit permitting the company to borrow up to $75,000,000 through May 31, 1994, with an increase to $85,000,000 for borrowings during the period Sept. 1, 1993 through Dec. 31, 1993 for seasonal inventory purchases.
 The company has also received approval from Barclays Business Credit ("Barclays") for a new line of credit providing for borrowings of up to $50,000,000 through May 1998, of which $25,000,000 would be used to reduce outstanding borrowings under the company's line of credit with Wells Fargo, and the remainder would be used for working capital purposes.
 The Wells Fargo and Barclays loan commitments are subject to the satisfaction of various conditions including satisfactory intercreditor agreements, as well as to the negotiation and execution of definitive loan documents. The company believes that it will be able to enter into the contemplated financing arrangements with Wells Fargo and Barclays in the next 30 days and believes that such arrangements will provide the company with adequate cash resources for its anticipated needs over the next 12 months.
 -0- 6/1/93
 /CONTACT: Charles M. Kill, acting chief financial officer of Gottschalks, 209-434-4706/
 (WFC GOT)


CO: Gottschalks Inc.; Wells Fargo Bank N.T.S.A. ST: California IN: FIN REA SU:

SG-TB -- SF013 -- 4199 06/01/93 19:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1993
Words:289
Previous Article:NORSTAN COMMUNICATIONS TAKES DISCIPLINARY ACTION AGAINST FIVE EMPLOYEES WHO BREACHED TELEPHONE SECURITY AT DILLARD'S DEPARTMENT STORE
Next Article:STATE REVOKES FAMILY DAY CARE LICENSE OF FREMONT WOMAN
Topics:


Related Articles
GOTTSCHALKS ANNOUNCES MAY SALES RESULTS
GOTTSCHALKS ANNOUNCES APRIL SALES RESULTS
GOTTSCHALKS ANNOUNCES EXTENSION OF BANK FINANCING
GOTTSCHALKS ANNOUNCES BANK FINANCING
GOTTSCHALKS FINALIZES $115 MILLION FINANCING
GOTTSCHALKS ANNOUNCES FUNDING OF $115 MILLION FINANCING
GOTTSCHALKS ANNOUNCES SECOND QUARTER RESULTS
GOTTSCHALKS ANNOUNCES $93 MILLION LONG TERM FINANCING
GOTTSCHALKS ANNOUNCES MARCH SALES RESULTS
Gottschalks Announces a New $80 Million Line of Credit

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters