Mervyn's Set To Liquidate, Close Remaining Stores

Law360, New York (October 17, 2008, 12:00 AM EDT) -- Giving up hope of emerging from Chapter 11 as a going concern, department store chain Mervyn's LLC has announced it will begin liquidation sales at its remaining stores and wind down its business.

The Hayward, Calif.-based chain said Friday it had weighed all its options, including a sale of the company, and had determined that closing-down sales during the holiday season were the best way to maximize value for creditors.

“We are disappointed with this outcome, but the company's declining liquidity position and the extremely challenging...
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