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GOTTSCHALKS REACHES AGREEMENT TO PURCHASE STORES FROM FREDERICK AND NELSON

 GOTTSCHALKS REACHES AGREEMENT TO PURCHASE STORES
 FROM FREDERICK AND NELSON
 FRESNO, Calif., March 16 /PRNewswire/ -- Gottschalks Inc. (NYSE: GOT) announced it has reached an agreement in principle to acquire five department stores from Frederick and Nelson. Included in the agreement are department stores located at Bellevue Square and Southcenter in the Seattle area, and three stores in the Spokane area including Downtown Spokane, University City Mall and a leasehold interest in the Northtown Mall. The agreement is subject to the terms and conditions of a definitive agreement, creditor approval, and a bankruptcy court approval. A closing date of May 31, 1992, is contemplated under the terms of the agreement.
 In making the announcement, Joe Levy, chairman and chief executive officer of Gottschalks stated, "This agreement provides a significant opportunity for our company to become a major retailer in Washington State. This potential acquisition when combined with the Tacoma store opened on March 2 will provide over 900,000 square feet of operating retail space in Washington. This acquisition would increase Gottschalks' total operating retail space over 35 percent to approximately 2.6 million square feet. We would anticipate that all units will be open by late summer to early fall. We are certainly very excited about this opportunity, especially given our early success in Lakewood Mall, a former Frederick and Nelson site," added Levy.
 -0- 3/16/92
 /CONTACT: Robert E. Lawson of Gottschalks, 209-434-8000/
 (GOT) CO: Gottschalks Inc. ST: California; Washington IN: REA SU: TNM


DG -- SF006 -- 8360 03/16/92 13:26 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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