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Sacramento, Calif. Gottschalks Inc. has signed a letter of intent for a $30 million investment in the department store chain by Everbright Development Overseas Ltd., according to the Sacramento Business Journal.
The company has been battling declining sales during the past few years. Gottschalks will issue a five-year, convertible secured note for $20 million, with unpaid interest that can be converted to Gottschalks’ stock at a fixed price of $1.80 per share.