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Mervyns Retail Chain Going out of Business; Will Liquidate All Stores
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by Terri Potratz | October 17, 2008 at 12:53 pm
5178 views | 2 Recommendations | 5 comments
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Department store chain Mervyns, based in California, had previously filed for bankruptcy protection in July 2008 and has now decided to liquidate assets in all of its 149 stores and terminate the business.
The board determined that holding liquidation sales during the holiday season was the best way to maximize value for the company's creditors. It also cited a challenging retail environment and declining liquidity as factors forcing the company's liquidation. Mervyns now operates mainly in California and has seen its sales drop further as the state is among the hardest hit by the real estate slump.
Mervyns plans to pursue the liquidation under the Chapter 11 bankruptcy code, which typically allows companies to retain more control over the selling off of assets. The company said it intends to retain an outside professional services firm to assist in the liquidation sales of inventory.
This announcement follows numerous other retail obituaries, including Linens 'n Things which has also started to liquidate all store assets.
Expect to find substantial deals at Mervyns over the holiday shopping season.
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Most RecentMost Recommended Comments (5)
at 13:06 on October 17th, 2008
Terri Potratz, I like this story. It's good stuff.
That's sad, I shopped at mervyns a lot when I had money, and when I did store inventories we worked on mervyns and others like Macys and Home Depot and Walmart and Kmart.
Wish I had money and a mervyns around here to take advantage of those deals that can be expected.
at 14:32 on October 17th, 2008
Mervyn's always had the best sales, we'll be sorry to see it go. Our store in Carson City was cut loose in the first round of closures this summer, so our liquidation is already in full effect, and there won't be anything left for the holidays.
at 21:14 on October 19th, 2008
SALE!
RUN!
BUY!
n_n
cascascas has contributed a photo to this story.
at 15:19 on November 7th, 2008
Personally im glad Mervyn's is gone, it has been a cankoruous sore on this nation for far too long.
at 06:11 on November 26th, 2008
I left CA after 35 years there more than a year and a half ago. Shortly after moving to CA I asked a co-worker how she managed to have such a great wardrobe, and she told me her clothes came from Mervyns--the best value for the money. I'd been a Mervyns shopper ever since until leaving CA. I'm sad to see the chain go. I still have a lot of Mervyn's clothes in my closet. I guess this is just another sign of the current economic times.