Regional department store chain Gottschalks is to liquidate its remaining 58 shops after failing to attract a buyer for the company.

The company's stores, most of which are in California, begin court-ordered bankruptcy liquidation sales today (2 April) more than a century after the company was established.

Inventory valued at a total of US$280m will be sold at significant discounts, including brand names such as Calvin Klein, Ralph Lauren, Izod and Tommy Hilfiger.

A joint venture group of national retail liquidation firms is handling the sale, including Tiger Capital Group, Great American Group, SB Capital Group and Hudson Capital Partners.

The sale will also include store furnishings, trade fixtures and equipment, and, once complete, all stores will be closed.

As losses at Gottschalks escalated, the company filed for Chapter 11 bankruptcy protection in January this year, saying at the time that it hoped to use the filing to help it reorganise and find a buyer for the company as a going concern.