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GOTTSCHALKS TERMINATES CHIEF FINANCIAL OFFICER, CONTROLLER

 GOTTSCHALKS TERMINATES CHIEF FINANCIAL OFFICER, CONTROLLER
 FRESNO, Calif., May 20 /PRNewswire/ -- Gottschalks Inc. (NYSE: GOT) reported today that it has terminated, effective immediately, the employment of its chief financial officer, Robert E. Lawson, and its controller, Jack Farnesi. The company and certain senior executives are the focus of an investigation by the Criminal Investigation Division of the Internal Revenue Service relating to an employee benefit plan deduction of $3.7 million on the company's 1985 federal tax return. The company believes that the IRS may contend that the questioned deduction should have been taken on the company's 1986 federal tax return. As previously reported, the company believes that certain company documents were inaccurately dated to support the earlier deduction. The IRS investigation may result in the assessment of fines, penalties and interest and in the criminal prosecution of certain company executives. Inasmuch as the investigation is ongoing, the company cannot predict its outcome or the degree of its materiality.
 -0- 5/20/92
 /CONTACT: Warren L. Williams of Gottschalks, 209-434-8000/
 (GOT) CO: Gottschalks ST: California IN: REA SU: PER


MC-RM -- SF014 -- 2551 05/20/92 17:57 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:188
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