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GOTTSCHALKS REPORTS INVESTIGATION CONDUCTED IN CONJUNCTION WITH IRS

GOTTSCHALKS REPORTS INVESTIGATION CONDUCTED IN CONJUNCTION WITH IRS
 FRESNO, Calif., March 6 /PRNewswire/ -- Gottschalks Inc. (NYSE: GOT) reported today that it is conducting an investigation in tandem with an Internal Revenue Service investigation of the company's tax return for fiscal year ended Feb. 1, 1986. The company is voluntarily supplying information requested by the Internal Revenue Service, and has launched its own independent investigation with respect to the matter. The investigation relates to the company's deduction on its 1985 tax return of amounts contributed to an employee benefit plan.
 The company believes that the Internal Revenue Service may contend that the questioned deduction should have been taken on its tax return for its fiscal year ended Jan. 31, 1987, rather than on the prior year's return. The company believes that certain company documents related to the deduction were inaccurately dated to support the earlier deduction.
 The company is not aware of any other irregularities with respect to the financial records of the company for any years. "We are cooperating with the Internal Revenue Service," said Joe Levy, chairman of the board. Added Gerald Blum, president of the company, "The board of directors will supervise the company's investigation and will take such measures as it deems appropriate."
 While the company believes that the Internal Revenue Service investigation is limited to the validity of one deduction, the results of this investigation by the Criminal Investigation Division and the degree of its materiality are not presently known.
 -0- 3/6/92
 /CONTACT: Joe Levy or Gerald H. Blum of Gottschalks Inc., 209-434-8000/
 (GOT) CO: Gottschalks Inc. ST: California IN: REA SU:


RM -- SF006 -- 6037 03/06/92 17:08 EST
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Publication:PR Newswire
Date:Mar 6, 1992
Words:277
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