HAYWARD, Calif.–Mervyns, which filed for Chapter 11 in July, announced plans on Friday to hold going out of business sales at all of its remaining 149 stores.
The decision to liquidate the chain was made with Mervyns’ financial and legal advisors following an analysis of the retailer’s options.
“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 our possibilities, requires that we take this action,” said John Goodman, chief executive officer of Meryvns, in a statement.
In 2007, Mervyns had $2.5 billion in total sales, $381.1 million in home sales.