Gottschalks files for bankruptcy protection

Gottschalks Inc. filed for bankruptcy protection on Wednesday, saying it will use the Chapter 11 law to stay open while it seeks a buyer.But the horrendous business climate, coupled with a squeeze on credit, will make potential buyers less likely to step forward in time. The Central Valley department store chain has a March 24 deadline to get a deal done."Even the buyers who want to buy can't buy