Former Gottschalks Exec to Finance New Retail Chain

Gottschalks may get a second life. Joe Levy–former CEO of the department store chain and great-nephew of its founder, Emil Gottschalk–has secured financing and plans to open new stores, starting in the Fresno, Calif., area, the Modesto Bee newspaper reported last week.

Originally founded in 1904 in downtown Fresno, Gottschalks filed for bankruptcy in January 2009 in the face of sales declines and rising debt. Retail analysts responded to Levy’s revival plan with skepticism, but the exec believes customers respect the store’s name and history and will gladly return. “The object here is to bring the public what Gottschalks used to be,” Levy told the Bee. “We want to provide good customer service, high-quality fashions and merchandise at a very competitive price… Since Gottschalks closed, there’s a large void in that type of merchandising.”

Levy intends to name the new chain Gottschalk, and said it will offer adults’ and children’s clothing, shoes, cosmetics, housewares and more. Read the full story here.