Originally posted by: KLin
http://www.fresnobee.com/updates/story/1296310.html
Company info
They'd been around for 104 years and grew large along the west coast. Sad to see them go.
Damn economy
Economy really isn't the cause of this one. Poor management is.
As much as I hate to see people losing their jobs, I'm glad to see Gottschalks go.
They never could decide what they wanted to be...
On one hand, they tried to compete with the likes of Macy's with some high-end products,
But on the other, the store was always full of cheap-ass Made in China crap, like they wanted to compete with Wal-mart...but with slightly higher prices.
However, never let running a business into the ground interfere with bonuses...
http://www.modbee.com/local/story/618852.html
"Judge Kevin Carey also approved a plan to pay bonuses totaling as much as $500,000 to the two top executives if they can close a sale or liquidate the company and pay off its bankruptcy loan by Oct. 30."
"The judge added a condition to the bonuses, requiring that Gottschalks must repay the $125 million in financing it received from GE Capital Corp. to stay in business during the bankruptcy process before the incentives can be paid.
Each executive would receive a bonus equal to half his annual salary if the company is sold as a "going concern" or 31.25 percent of his annual salary if the company is liquidated with a going-out-of- business sale.
According to court documents, Famalette earns a salary of $560,000 a year and Ambro's annual salary is about $383,000.
Carey's order approves a $500,000 bonus pool to keep as many as 30 key employees from leaving the company."
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