Mervyn's Joins Other Retailers, Files For Ch. 11

Law360, New York (July 29, 2008, 12:00 AM EDT) -- Mervyn's LLC filed for Chapter 11 Tuesday, a week after speculation arose that the troubled department store chain would be forced to file.

The company filed in the U.S. Bankruptcy Court for the District of Delaware. In a statement, the company said its stores would remain open.

“Mervyn's needs to reorganize its finances and operations due to the state of the economy and difficult operating environment for our industry,” Mervyn CEO John Goodman said. “A Chapter 11 filing was a necessary and prudent step.”

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