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 ...
Boo. One of my favorite pairs o pants came from teh Mervyn’s in Monterey.
B. Altman and Company...
Once a month during the 1950's, we would all dress up in suits and ties on a Saturday morning, bundle into the '54 Ford, and head for the May Company, a department store in downtown Los Angeles, where we would spend the entire day shopping. If we stayed until late in the day, we might have had dinner at the Italian Kitchen across the street. The May Comppany and the Italian Kitchen are long gone.
Here in Orange County, CA also. The range of merchandise was shoddy quality and priced too high. Did not appeal to younger family shoppers - Target gets their business.
They use to have a great value for working women’s wardrobes and children’s and nice things for Dad at the right price. I stopped shopping at Mervyn’s pretty much 5 years ago. I went to see what they had at their linen sales, but was surprised at the poor quality of their women’s wear.
La Brea and Wilshire store?
Gone.
My Grandfather hated Sears but loved Monkeywards... had to do with something about buying a lawnmower on layaway.
My Grumps was a cash customer. Never had a checking account in his entire life. Had a savings, but paid in cash. He was insulted by stores who would not do business with him because he had no checking account!
Halloween is coming up and one of my best memories of my Grandfather has to do with Monkeyward... Fourth Grade: He asked me to ride along with him to run errands. We went to MonkeyWards store and he let me pick out the costume of my choice. He did this again later when I was in 7th grade. I had five other siblings, but my Grandfather spent that little bit extra on me because I had the best report card!
This from a guy who had a sixth grade education, but a Master's degree in LIFE.
I used to be a regular Mervyns years ago, but the quality of their merchandise seemed to be on the decline over the years. Even their shoes haven’t been that good. I can find 5 1/2 size at Mervyns, but it seems too many times the shoes were not comfortable. I took my niece into the store this summer and she might have found just a couple tops she liked. Kohls, on the other hand, imo, has a better selection of merchandise. I took my nieces shopping at Kohls and they filled up their carts.
It’s too bad Robinson’s May merged with Macy’s, many women I know dont like Macy’s as much as they liked Robinson’s May.
Not all of the Michigan stores closed awhile back.
L ‘n T is kaput. Waiting to see if a rumor I heard from a vendor is true —> one of the big box home improvement stores is going under. My bet would be Lowe’s. Circuit City is existing on borrowed time as well. Nothing is surprising anymore. Were down to 1 national supermarket chain in my state.
Bet your grandfather had some Powercraft tools from Monkey Wards.
Glad to see you order online. I haven’t been inside a credit union/bank in years. Everything in my house, on my body, or added on to my vehicle is bought online. Never a problem. And I buy made in the USA products with USA ingredients. No taxes and it’s delivered free with an order of $50-$75.
Now if I can just do that with food.....
When we did the rolled roof he hired some help. The one guy was an old man, kind of a carny who did magic tricks. One day he brought fried ants and chocolate covered grasshoppers and challenged all of us to try them! Grumps thought that was hilarious. I wonder if kids today experience things like this?
So then, next question is how does Ross and TJMaxx stay in business??
This was the one on Hill Street in downtown LA. I believe the buliding still stands, although I haven’t been downtown in years.
So are the suits and ties. Replaced by shoppers looking like unmade beds, Walmart and McDonalds.........we've come a long way, baby! NOT!!!!
Well, they’re not paying major mall retail space like Mervyn’s does, in a huge warehouse-sized store.
From Reuters.com brief excerpt 10/17/08
“DETROIT/NEW YORK, Oct 16 (Reuters) - Private equity firm Cerberus is in talks to sell all or part of Chrysler LLC’s operations to Renault SA (RENA.PA: Quote, Profile, Research, Stock Buzz) and General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) as it considers a range of deals that could break up the No. 3 U.S. automaker, people familiar with the talks said on Thursday. A Renault spokeswoman denied the talks.
Cerberus Capital Management [CBS.UL], Chrysler’s majority owner, is talking to GM about a transaction in which GM could buy some of Chrysler’s assets as an alternative to an outright purchase of its smaller rival, the sources said.
Renault’s interest in Chrysler range from an alliance to an acquisition of Jeep, widely considered to be Chrysler’s most valuable brand, the sources said.”
Antbody heard how the reported $25 million bailout to the “Big Three” is going, lately?
I’ve been wearing size 30 waist jockey-style FotL or BVDs since 1959; not picky, wear until elastic gives out.
Bought my wife some earrings at Mervyns in Simi Valley back in the 70s.
High rents, extortionist rents by the greenmailers.
Yup. They're having Going Out Of Business sales here in Florida.
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