Hayward-based area collection chain Mervyns LLC is expected to put out today that it is filing for Chapter 7 bankruptcy protection, a put forward that means shutting the doors of its 175 retail outlets, including two in San Joaquin County. Word of its closure and liquidation of assets came through copy reports from CBS Broadcasting. Mervyns operates stores in Stockton and Lodi.
During the summer, Mervyns filed for Chapter 11 protection, an incipient bankruptcy trace designed to give companies the break to reorganize. Chapter 11 allowed the retailer to hold off its creditors in U.S. bankruptcy court. The house said at the measure it would at obligation as usual.
The 59-year-old chain, which featured a outcome track between high-end sphere stores and discounters, struggled with its fiscal turnaround because of the slipping restraint and California's hard-hit cover industry, analysts told CBS. Mervyns officials declined to animadversion Thursday eventide but said an report was expected today, according to reports. Reader reactions have moved These discussions and our forums are not moderated. We rely on users to regulate themselves, and.
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