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Gottschalks cuts deal for financing

Fresno, CA — Gottschalks Inc. said it has cut a new financing pact that provides it with up to $165 million in borrowing ability.

The new revolving credit facility has a term of three years, with a maturity date of Jan. 31, 2005. GE Capital is acting as administrative agent for the lender syndicate, which also includes CIT Business Credit.