According to a press release posted to their web site, Mervyn's, a regional retailer in California and the Southwest, plans to hold going out of business sales at all of its remaining 149 locations and to wind down its business. The Company intends to effect this process through Section 363 under Chapter 11 of the U.S. Bankruptcy Code.Together with its financial and legal advisers, Mervyn's completed a thorough analysis of all available options, including a sale of the Company, prior to undertaking this course of action. The Company and its Board of Directors determined that holding going out of business sales during the holiday season is the best way to maximize value for the Company’s creditors. Mervyn's intends to retain an outside professional services firm to assist in the liquidation sales of inventory.
I haven't shopped at Mervyn's in years. I used to buy Levi's 501 jeans there years ago, but when my favorite pants started to cost over $30 a pair I switched to Wranglers I could get at Wal-Mart for half the price. Though not technically Highland, the store in San Bernardino at 4010 Highland Avenue is currently running a 30% off sale, with a sales associate stationed at each entrance to admonish customers that all sales were final and Mervyn's credit cards can no longer be used for purchases.
image: Corbis Stock Photos
No comments:
Post a Comment