Everbright pulls out of $30 million Gottschalks deal
December 19, 2008-- Home Textiles Today,
In an 8-K filed yesterday with the Securities and Exchange Commission, Gottschalks said Everbright terminated the agreement as of Monday, Dec. 15. “Everbright exercised its right to terminate the Investment Agreement pursuant to a limited due diligence review period,” which the company said expired on that day.
The agreement would have set up exclusive direct sourcing and wholesale structures – and would have delivered controlling interest in Gottschalks to Everbright, which is based in the British Virgin Islands and has a network of facilities in Asia.