Monday, October 20, 2008

Mervyns Gone Forever

By Chris Thompson
Mon, Oct 20, 2008 at 4:22 PM

Mervyns, the Hayward-based department store that has offered cheap, durable goods for Americans for the last fifty years, is dead.

According to the San Francisco Chronicle, the company announced Friday that it plans to liquidate its entire inventory and close down every one of its remaining 149 stores. The company just doesn't have enough liquid cash, and the retail environment is too inhospitable. Mervyns had sued its own parent companies a few weeks back, arguing that firms like Cerberus Capital Management helped take over the company, only to sell off its real estate assets, the only thing of value the company had left. But really, the company found itself squeezed between high-end department stores and Wal-Mart, and just couldn't get it together. Thousands of people are expected to lose their jobs.

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