Retail Roundup: Goody's, Gottschalks Seek Bankruptcy Protection, More

Goody’s, Gottschalks seek bankruptcy protection — Apparel-retailer Goody’s LLC and department-store-owner Gottschalks Inc. are seeking bankruptcy protection after sales continued to droop over the holidays. Gottschalks is looking for a buyer, while Goody’s plans to liquidate after entering bankruptcy for the second time in seven months. Both companies filed their Chapter 11 petitions in U.S. Bankruptcy Court in Wilmington, Delaware. [Source: bloomberg]

Apple’s Jobs takes medical leave — Apple CEO Steve Jobs announced on Jan. 14 that he plans to take nearly six months of medical leave because his health problems are “more complex” than he originally thought. The message shook Apple’s stock as speculators raised questions about the company’s future if the man who has been the public face of the brand is unable to resume that role. Jobs battled pancreatic cancer four ago and last week announced that he is suffering from a hormone imbalance causing him to lose weight and appear gaunt. Apple Chief Operating Officer Tim Cook will take over the company’s daily operations until Job’s return in June. [Source: The Mercury News]

Valentino fined in alleged tax evasion – While most fashion designers are certainly watching their wallets shrink thanks to the economy, powerhouse Valentino Garavani is about to feel a new level of pain: Italian authorities have fined him about $44 million on allegations of tax evasion. Authorities allege he and his business partner, who is also under fire, failed to declare money they earned while working in Italy. Garavani and business partner Giancarlo Giammetti sold the fashion house to Holding di Partecipazioni Industriali in 1998, after which they served as consultants. After several ownership changes, the label is now under the umbrella of private equity firm Permira. [Source: WSJ]