By  on January 9, 2009

Talks with two potential invest-ors may hold the key to whether Gottschalks Inc. can avoid a bankruptcy filing.

The 58-unit retailer, based in Fresno, Calif., has been in discussions with Everbright Development Overseas Ltd. and another party seeking investment capital to help it stay afloat. Credit sources said the other party is El Corte Inglés, Spain’s largest department store retailer, which owns about a 16 percent stake in the California chain through U.S. unit Harris Co.

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