FRESNO, Calif - Gottschalks Inc. said it has reached an agreement with Wells Fargo & Co. and Teachers Insurance and Annuity Association for a new line of credit that will satisfy the cash needs of the company through June 30, 1994.

Gottschalks said the agreement, which will remove all current loan defaults, is subject to final documentation. All parties expect final documentation to take place prior to Aug. 6, Gottschalks said. The company did not immediately elaborate.

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