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Mervyns says it will liquidate all stores
San Francisco Chronicle ^ | 10/17/07 | ANNE D'INNOCENZIO

Posted on 10/17/2008 8:49:24 PM PDT by Santa Fe_Conservative

Ailing department store chain Mervyns LLC, which had been operating for almost five decades, has become the latest merchant headed for extinction.

The retailer, which filed for Chapter 11 bankruptcy protection in July, said Friday that it plans to begin liquidation sales at its remaining 149 stores and wind down its business. The Hayward, Calif.-based chain said liquidation sales during the holiday season were the best way to maximize value for the company's creditors after exhausting all its options, including the sale of the company.

It also cited a fierce 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 said it plans to pursue the liquidation under the Chapter 11 bankruptcy code, a move that typically allows companies to retain more control over the selling off of assets. In a Chapter 7 filing, the court would immediately appoint a trustee to take over the case. The company said it intends to retain an outside professional services firm to assist in the liquidation sales of inventory.

"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," said John Goodman, chief executive of Mervyns, in a statement. "We are confident that the deep discounts available through going out of business sales will drive significant traffic in our stores."

(Excerpt) Read more at sfgate.com ...


TOPICS: Business/Economy
KEYWORDS: bankrupt; economy; mervyns; retail
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Kind a shame I've liked Mervyns, though I think their "Mervyns California" branding was a major flop and in recent years like some other department and retail stores have left a lot to be desired.
1 posted on 10/17/2008 8:49:24 PM PDT by Santa Fe_Conservative
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To: Santa Fe_Conservative

i liked them.

but i got tired of arriving to the men’s underwear

and nothing on the shelf my size.

and, i got tired of walking on clothes on the floor.

so, i quit buying there.


2 posted on 10/17/2008 8:51:35 PM PDT by ken21 (people die and you never hear from them again.)
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To: Santa Fe_Conservative
Mervyns in Albuquerque was a joke. Worst customer service of any large chain. I am surprised to learn they were still in business.
3 posted on 10/17/2008 8:53:04 PM PDT by Jet Jaguar (Who would the terrorists vote for?)
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To: Santa Fe_Conservative

Believed the Presidential polls and saw no hope...


4 posted on 10/17/2008 8:56:46 PM PDT by Rational Thought
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To: Jet Jaguar
I am surprised to learn they were still in business.

Same here. I used to buy almost all my clothes from their Colorado stores. In fact, Mervyn's jeans were the best fitting jeans I owned. The Colorado stores have long since closed and I figured the whole chain went under until I saw a store here In San Diego where I recently moved.

Oh well. I've grown partial to Old Navy for casual wear.

5 posted on 10/17/2008 8:58:52 PM PDT by Drew68
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To: Jet Jaguar

Another retailer out of business. If the trends towards bigger stores and bigger chains continue, there might be just a few national stores, such as Wal-Mart and Sears, remaining. Many local department store chains have either merged or gone out of business in recent years. I can think of a number of them from around the country : Woodward and Lothrop, Hecht Company, Filene’s, Dayton-Hudson, Marshall Field, Bon-Marche, The Broadway, Robinson’s, Bullock’s, Buffum’s, Joseph Horne..........

All of these either went out of business or were acquired and merged into larger companies. It’s a trend of the times. Any chain store that is not national in scope and large in size has trouble competing in this environment.


6 posted on 10/17/2008 9:02:05 PM PDT by Dilbert San Diego
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To: Santa Fe_Conservative

I always liked Mervyn’s too. They’ve been a little run down (messy and understaffed) in the last couple of years, though. Too bad. I used to work for Montgomery Ward back in the day. Yet when I first joined, the old-timers used to revel about the “good old days” when it was the Fair Store.


7 posted on 10/17/2008 9:02:13 PM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: Santa Fe_Conservative

First Mothers Cookies now this.

It’s all over.


8 posted on 10/17/2008 9:07:00 PM PDT by diamond6 (Is SIDS preventable? www.Stopsidsnow.com)
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To: Santa Fe_Conservative

How old is this story? I thought they went under two years ago.
They pulled out of Michigan at least two years ago.
Didn’t know they were still around.


9 posted on 10/17/2008 9:11:43 PM PDT by Jazz1968
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To: Santa Fe_Conservative

I liked them in the 80’s and 90’s. But they became like a Target or a....

Thinning of the herd, is all.


10 posted on 10/17/2008 9:24:08 PM PDT by papasmurf (I ain't your Daddy's Conservative, OK?)
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To: Santa Fe_Conservative

Used to shop there...
Then, I had to step over boxes of stuff on the floor...
Then, I needed to learn Spanish to talk to anyone....
Then, I said - if I want this, I can go to Tijuana.

Buh bye.


11 posted on 10/17/2008 9:25:53 PM PDT by SnarlinCubBear (~~ Visualize McPALIN ~~)
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To: TenthAmendmentChampion

Man, our family liked “Monkey Ward’s”. I just gave away an old Montgomery Ward’s refrigerator I had that still worked great. In the TV room, I still have a living room set with a sofa bed from them, as well.

Ah, the good old days!


12 posted on 10/17/2008 9:26:37 PM PDT by papasmurf (I ain't your Daddy's Conservative, OK?)
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To: Dilbert San Diego

I often went shopping with my mom at The Broadway, Robinson’s, Bullock’s, and Buffum’s. It was always a special event and the service was excellent. You felt special when you shopped there.

I’ve been telling friends for two years that Mervyns was doomed. They adopted the middle of the store cash register system and there were no employees around to help anyone in the departments. It makes for a miserable shopping experience. Penny’s is doing the same thing. I refuse to shop at either of them. If I’m going to spend money, I might as well enjoy the experience!


13 posted on 10/17/2008 9:27:09 PM PDT by Melian
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To: Dilbert San Diego

Don’t worry, 0bama’s tax policies will bring back the small stores. Those that do under 250k per year!


14 posted on 10/17/2008 9:27:55 PM PDT by papasmurf (I ain't your Daddy's Conservative, OK?)
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To: Dilbert San Diego
If the trends towards bigger stores and bigger chains continue, there might be just a few national stores, such as Wal-Mart and Sears, remaining.

I have this thought that if the downturn is severe we could come out at the other end of it as the United States of Wal-Mart, sponsored by JP Morgan-Chase.

15 posted on 10/17/2008 9:31:48 PM PDT by garbanzo (Government is not the solution to our problems. Government is the problem.)
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To: Jet Jaguar

Same thing I was going to say. The Mervyn’s near me (in CA) is always a complete disaster. It’s like shopping at Ross or TJ Maxx. I wondered how they could possibly stay operating — guess now I know.


16 posted on 10/17/2008 9:34:21 PM PDT by lainie (The US congress is full to the brim of absolutely disgusting thieves who deserve humiliating ouster.)
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To: Jet Jaguar

“Worst customer service of any large chain.”

I don’t know from Mervyns but my game plan is that when I decide I want something (underwear, jean, camera, dvd, etc.) I will give the local brick-and-mortar store a chance. If they don’t have it, or don’t seem eager to sell it to me, I order it online.


17 posted on 10/17/2008 9:34:46 PM PDT by PLMerite ("Unarmed, one can only flee from Evil. But Evil isn't overcome by fleeing from it." Jeff Cooper)
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To: Santa Fe_Conservative

Bailout Mervyns!


18 posted on 10/17/2008 9:36:10 PM PDT by right way right (Do not mistake religion for God.)
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To: Dilbert San Diego

Dayton-Hudson still exists, they changed their name to their most successful asset (Target) but the company still exists. And recently sold Mervyns to investor. Seems to have worked out for Target.

This will be the third time the Mervyns in central Tucson goes dark. Wonder if somebody will actually take it over this time or if it will wait for the next resurrection.


19 posted on 10/17/2008 9:36:53 PM PDT by dilvish
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To: Santa Fe_Conservative

I heard Linen ‘n Things is going out of business too.


20 posted on 10/17/2008 9:45:40 PM PDT by Vicki (Washington State where anyone can vote .... illegals, non-residents, dead people, dogs, felons)
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