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GOTTSCHALKS ISSUES LETTER OF INTENT TO PURCHASE WASHINGTON STORES

GOTTSCHALKS ISSUES LETTER OF INTENT TO PURCHASE WASHINGTON STORES
 FRESNO, Calif., Feb. 14 /PRNewswire/ -- Joe Levy, chairman and chief executive officer of Gottschalks Inc. (NYSE: GOT), announced that the company has today issued a letter of intent indicating its desire to purchase certain assets of Frederick and Nelson, a Seattle, Wash.-based retailer. "These assets include six department stores located in the Seattle and Spokane metropolitan areas and excludes the downtown Seattle store," stated Levy.
 "This letter of intent is subject to the successful completion of a formal purchase and sale agreement satisfactory to Frederick and Nelson, its secured creditors and the bankruptcy court," stated Levy. "Certainly it may take some time to negotiate and we have no assurances that our efforts will be successful. Our first out of state department store will open in Lakewood Mall near Tacoma on March 2. This 120,000 square foot store was formerly operated by Frederick and Nelson," added Levy.
 -0- 2/14/92
 /CONTACT: Robert E. Lawson of Gottschalks, 209-434-8000/
 (GOT) CO: Gottschalks Inc. ST: California IN: REA SU: TNM


DG -- SF006 -- 0266 02/14/92 14:19 EST
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Publication:PR Newswire
Date:Feb 14, 1992
Words:187
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