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  • Mervyns Closing All Their Department Stores

    Mervyns filed for bankruptcy back in July but has now announced it will be closing ALL their stores with close out sales during the Holiday Season.

    NEW YORK, Oct 17 (Reuters) - Department store chain Mervyns Holdings LLC said on Friday it plans to liquidate its merchandise and auction its store leases. The privately held retailer, which sells clothing and home goods, said it will hold going out of business sales at all of its remaining 149 locations. The Hayward, California-based chain said it hoped selling off its assets during the holiday season would maximize the amount of money it has to pay off creditors.


    "We are disappointed with this outcome, but the company's declining liquidity position and the extremely challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action," Mervyns' Chief Executive John Goodman said in a statement.


    Mervyns filed for bankruptcy in July, at which time it had 177 stores in seven states, employed about 18,000 people and had annual revenue of about $2.5 billion. The privately held retailer previously announced plans to close only 26 stores by late October or early November and cut about 1,700 workers as it restructured. A U.S. bankruptcy court gave approval in August for a $465 million debtor-in-possession financing facility, to be led by Wachovia Finance Capital Corp.


    Mervyns did not immediately respond to a request for comment.
    Mervyns sued its former private-equity owners in September, saying the firms pushed the retailer into bankruptcy by selling off its real estate holdings and then leasing them back to Mervyns at higher rates....
    (Reporting by Sarah Coffey; Editing by Andre Grenon)
    Source

    For the last couple of years I have been disappointed in the clothing offered by Mervyns and my local store (in the Lakewood Mall) has had a tacky look and feel to it. I used to purchase a major portion of my clothing there but stopped a couple of years ago. With that said though, it is always sad to see a store that has been around for awhile fail.
    Last edited by Wendygirl; 10-17-2008, 01:41 PM. Reason: spelling
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  • #2
    Re: Mervyns Closing All Their Department Stores

    I thought they did this years ago. Ours closed many, many years ago.



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    • #3
      Re: Mervyns Closing All Their Department Stores

      Open, open, open????????
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      • #4
        Re: Mervyns Closing All Their Department Stores

        Originally posted by Wendygirl View Post
        For the last couple of years I have been disappointed in the clothing offered by Mervyns and my local store (in the Lakewood Mall) has had a tacky look and feel to it. I used to purchase a major portion of my clothing there but stopped a couple of years ago. With that said though, it is always sad to see a store that has been around for awhile fail.
        I feel the same. Ever since they got rid of LEI plain blue jeans, it hasn't been the same. I don't like the pants with the jewels, stubs, or tacky belts they use.

        But, I did take advantage of the sale to buy a 30 dollar watch for 10 dollars!

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        • #5
          Re: Mervyns Closing All Their Department Stores

          Originally posted by Aladdin View Post
          Open, open, open????????
          New ads

          Bankrupt, Bankrupt, Bankrupt....
          “Any sequel three or higher..... around number five they get a new cast, that’s when the magic really happens": Modern Family

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          • #6
            Re: Mervyns Closing All Their Department Stores

            Sad, but not a surprise. I used to shop their for stuff back in the 80's all the time, but then their merchandise started getting cheesey and I haven't been in there for years and years. Guess I wasn't the only one.

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            • #7
              Re: Mervyns Closing All Their Department Stores

              I agree the quality has been down for some time now. I don't have one near me so I guess it'll be no great loss to our family. I feel badly for their employees.

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              • #8
                Re: Mervyns Closing All Their Department Stores

                I never really bought much there since the closest one is about 45 miles away, so this won't have much of an effect on my shopping habits.




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                • #9
                  Re: Mervyns Closing All Their Department Stores

                  Originally posted by CrystalCastle View Post
                  I agree the quality has been down for some time now. I don't have one near me so I guess it'll be no great loss to our family. I feel badly for their employees.
                  Same feeling here. I used to get a lot of my kid's clothing there in the early 90's, but, they went downhill a lot. The one near me is already closed.

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                  • #10
                    Re: Mervyns Closing All Their Department Stores

                    Originally posted by Aladdin View Post
                    Open, open, open????????
                    Closed, closed, closed.

                    I'm going to have to buy my dockers online.

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                    • #11
                      Re: Mervyns Closing All Their Department Stores

                      well that blows. i wonder what will be the next company to go probably ross dress for less. its yucky store.

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                      • #12
                        Re: Mervyns Closing All Their Department Stores

                        I have shopped at Mervyn's since the 70's, but I haven't been there in almost 10 years. They went way down hill.

                        This kind of stuff freaks me out - state of the economy-wise. This company has been around for years, and they fold now. Is it because of the economy, or because of the way the store has been run the past several years?

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                        • #13
                          Re: Mervyns Closing All Their Department Stores

                          Saw this coming since Sun Capital bought it from Target. they closed most of the stores outside of CA last year, and really downgraded the merchandise to cut costs.

                          Whats really funny is that sun capital got all of the real estate assets in the buy out, and raised the rents on the existing mervyn's to finance the buyout.
                          spunky likes to suck that 3rd nipple(why am I your sig line........freak)! - Posted by my good friend Samsma

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                          • #14
                            Re: Mervyns Closing All Their Department Stores

                            We went to the one near us a few weeks back and it was just God Awful. We hadn't been to one for at least a few years prior to that.

                            We shop at Kohls now.

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                            • #15
                              Re: Mervyns Closing All Their Department Stores

                              The store has really gone downhill. I haven't set foot in one in years.

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