Category Archives: Letters of Intent

British Virgin Islands-registered Everbright Development invests $30 million in Gottschalks Inc.

British Virgin Islands-registered corporation Everbright Development Overseas Ltd., providing financial and logistical services for manufacturers and merchants involved in trade between United States and China, is investing $30 million in Gottschalks Inc. – a regional retail chain headquartered in Fresno, California. By this investment, the Fresno department store chain will receive cash infusion, along with greater access to overseas manufacturers and a larger product line.

Under the terms of the letter of intent signed between the BVI company and Gottschalks Inc., Everbright will purchase about 29% of the company’s common stock – 5.6 million shares, for $10 million at $1.80 per share. Gottschalks also plans to issue a five-year convertible secured note to Everbright for $20 million.