FRESNO, Calif.–Gottschalks has signed a definitive agreement to receive up to a $30 million investment in the retailer by Everbright Development Overseas, a British Virgin Islands corporation that offers trade facilitation, credit and logistical support to retailers and vendors.
The partnership also calls for the companies to establish direct sourcing and consignment product sales at Gottschalks and launch a new wholesale business.
Under the terms of the agreement, Gottschalks will receive all of the issued and outstanding capital stock, trademarks, patents and licenses of Every Asia Limited, and will establish a new wholesale business from which Gottschalks will receive all profits.