Mervyns - History - Bankruptcy

Bankruptcy

Signs of financial distress and possible bankruptcy surfaced on July 21, 2008, when the Associated Press reported that Mervyn's had stopped updating its financial status and that the department store's vendors ceased shipping some products, hurting the store's back-to-school season sales efforts. In addition, financing requests were denied by lenders. This raised the possibility of the company having to file for Chapter 11 bankruptcy, or going out of business altogether. The company made no official comments at the time, but on July 29, 2008, Mervyn's announced that it had filed for Chapter 11 bankruptcy protection. Soon, the chapter 11 case was converted to chapter 7 liquidation on October 17, 2008. At the time of this announcement 3 stores had just held grand openings only a few months prior to being told they would soon close.

Read more about this topic:  Mervyns, History

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