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Down Goes Mervyns

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As expected, Mervyns has filed for bankruptcy protection. The good news, at least, is that the firm is not planning any store closures yet.

The Hayward-based, low-end retailer, which employs more than 1,000 at 10 stores in San Diego County, said it intends to keep all its stores open and conduct business as usual as it seeks to reorganize.

“Mervyns needs to reorganize its finances and operations due to the state of the economy and difficult operating environment for our industry,” chief executive John Goodman said in a prepared statement.

The privately held retailer operates about 175 locations in seven states, but primarily in California. According to court documents, Mervyns listed liabilities and assets of $500 million to $1 billion, with Levi Strauss & Co. as its largest unsecured creditor.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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