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Apr 9, 2009
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CFO, other executives leave bankrupt Gottschalks

By
Reuters
Published
Apr 9, 2009

CHICAGO, April 9 (Reuters) - Gottschalks said on Thursday 9 April that Chief Financial Officer Daniel Warzenski and two other senior executives have left the bankrupt U.S. regional department store chain.



Warzenski left the company on April 3, and Chief Operating Officer J. Gregory Ambro took over as principal financial officer, according to regulatory documents filed with the U.S. Securities and Exchange Commission. Warzenski had been CFO since 2007.

Fresno, California-based Gottschalks filed for bankruptcy protection in January after a failed deal with investor Everbright Development Overseas Ltd to invest up to $30 million in exchange for a stake in the company.

As of March 3, it had operated 58 department stores and three specialty apparel stores in six western states, including California and Washington.

Gottschalks said its liquidation sale was expected to end on or before July 15. The sale, which began April 2, may be extended by agreement of the liquidators involved, the company and the senior secured lenders, the SEC filing said.

Two other senior vice presidents also left on April 3, according to the filing.

A joint venture of liquidators including SB Capital Group LLC, Tiger Capital Group LLC, Great American Group LLC and Hudson Capital Partners LLC won the auction for the assets of Gottschalks last month and the U.S. bankruptcy court approved the deal on April 7.

Ambro, 56, joined Gottschalks in 2003 as senior vice president and chief administrative and financial officer, according to the SEC filing. He has served as executive vice president and COO since 2007 and will remain in those positions. (Reporting by Ben Klayman, editing by Maureen Bavdek)

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