Mervyns files for Chapter 11 bankruptcy protection

[Newsjock]

Source: Associated Press

Department store chain Mervyns LLC filed for Chapter 11 bankruptcy protection on Tuesday, the latest merchant to become a casualty in a harsh retail environment.

The Hayward, Calif.-based chain, along with certain of its affiliates, filed for protection from its creditors in U.S. bankruptcy court for the District of Delaware. It said that all of its stores will remain open and business will continue as the company reorganizes.

The privately held retailer, which had been languishing for several years, operates about 175 locations in seven states but primarily in California.



Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/07/29/financial/f123829D48.DTL

[tedoll78]

1. Okay.. at this point, I need to ask:

Which businesses aren't declaring bankruptcy at this point? This is getting downright scary..

[Demeter]

11. BlackWater, Halliburton, KBR, and GE, I Think

The usual suspects....

[Pale Blue Dot]

18. ...and GE's not in the best of shape either.

:scared:

[SpiralHawk]

22. Don't forget Exxon-Mobil, and....

other allied republicon crony corporations...

[LeftyMom]

2. My grandmother LOVED Mervyns. Every school year, she'd take me and get me a ton of clothes.

She was from from Hayward, so maybe it was a local thing.

I haven't seen anything I wanted in one in years. The quality to price ratio seems to be the opposite of what I grew up with- they used to have well-made stuff that was affordable, now they have overpriced crap. Penney's did the same thing.

[ixion]

3. half a dozen major retailers bite the skids today, and the stock market soars

:wtf:

something fishy, imo.

Bennigan's files for bankruptcy protection
Newsweek - 52 minutes ago
By LAUREN SHEPHERD AP Business Writer | AP (NEW YORK) Restaurant chains

AirTran swings to 2Q loss

[Amerigo Vespucci]

4. Wow...it's my "store of choice"...

Seriously, if people are status-seekers and want to walk around with a Nordstrom's bag, more power to them.

I go to Men's Wearhouse for most of my business attire, but everything else comes from Mervyn's.

Scary times indeed.

[Tempest]

7. Same here

I get 99% of my clothes there.

The prices are good as well as the selection.

[slackmaster]

5. A store manager at a Mervyn's was rude to me in about 1980

I haven't set foot in one since then.

[Auggie]

6. Ours is looking very tired. The @#$&! Wal-Mart probably did them in.

[Warpy]

8. They were great until about 15 years ago

and then they seemed to change buyers. I've seen their stock decrease over the last couple of years, more space in the aisles, etc.

The first chain to specialize in durable, mostly natural fibre classic clothing that resists style changes will be the one to come out of this smelling like roses.

Classic and durable might seem boring to the Britney generation, but damn, something you can wear for 10 years is real economy. Something half its price that wears out in two is not.

[yorkiemommie1]

13. classics stand the test of time

I am just back from the mall where the women's clothing was adorned w/ ruffles, bows, pleats, ruching, puffs and tucks....

[Warpy]

16. Two years ago when I inherited

enough to replace my thrift shop wardrobe gone to rags, I went to a mall, Mervyns included. All I found at that time was Britney Spears inspired slutwear with sleazy see through fabrics and lots of glitter, even in the women's department, meaning they expected somebody with a size 26 body to be showing midriff and wearing spangles.

Needless to say, I was not pleased.

I'm not going naked these days because there are some online stores that have classic stuff in natural fibres.

I share your pain. What the hell is wrong with these people?

[Tansy_Gold]

14. I just bought 2 pair of men's shorts there this afternoon.

Natural Issue brand, 100% cotton, (made in Bangladesh, but what can you do?). I bought two pair last year later in August for something like $6/pair; today they were $14.00 or something. I bought two pair the year before, too.

I don't buy much in the way of clothes, as I prefer to make a lot of my stuff, but I really like these shorts. They fit comfortably and they're well made; the 2-year-old pair have been through the wash probably 50-80 times and still look good. I picked up two pair today because I was afraid if they did go Ch. 11, they might close. I may go back tomorrow and get more.


TG

[Warpy]

15. I might follow you

I did get a couple of cotton shirts there (Guatemala, but what can you do?). I had to cut a bunch of rhinestones off when I got them home before I could wear them--why do they DO that garbage?--but they're 100% cotton and nice in summer.

They might have something else I can use, who knows? I just know their selection has not been great for a long time and I attribute that to really bad buyers.

[damntexdem]

9. I thought they went out of business years ago.

Well, I've been away from California so long that I had no direct knowledge.

[Straight Shooter]

10. About 16 years ago, when I lived in Texas, I shopped at Mervyn's all the time.

I loved that store; I still have some home items that I bought from them, the quality is that good.

This is depressing. :(

[pagandem4justice]

12. Used to be good...

They used to be owned, until recent years, by Dayton-Hudson (Target) Corporation, but they were sold off, I guess for profitability issues. After that, a group of "private investors" took over and basically ran it into the ground so badly that one might think it was almost deliberate -- things like not paying suppliers and distributors cutting them off due to screw ups, as I recall. I remember my husband saying something to me about this about a week ago, and I commented that bankruptcy was right around the corner. And remember, the problem with "corporate personhood" is that these jerks get to walk away with no personal financial repercussions, while all the employees lose their jobs in this economy. :(

[David__77]

17. Mervyn's is behind the times, I believe.

They were a good thing in the 80s when this was the apex of discount retail, but right not they lack the pizzaz of something more upscale, but lack the low prices of Walmart, etc. It's an unenviable position.

[lonestarnot]

19. Next.

[xchrom]

20. mervyn's? -- i mean -- really -- mervyn's?

things really are tough.

[fudge stripe cookays]

21. They all left Texas a few years ago.

I hadn't seen anything I wanted there for quite awhile.