gillmanNSF
Veteran Member
It's hitting closer to home, now. SIL has at least 30 years with company back when it was owned by Dayton-Hudson Corp. She got me my first job after high school at Mervyn's back in 1980. She was my boss in the shoe department. She has had to work two jobs to help get my niece and nephew through college. They work, too. Deadbeat brother, little or no child support through the years. She's had heath issues (neck vertebrae bursting) due to stress (the doctor told her). 
Oh, yeah, to top things off, just found out yesterday that my own company may be bought out my Swiss Parmaceutical, Roche. Seems like a good deal for them now that the dollar is so cheap....
Tuesday, July 22, 2008 - 12:50 PM MST
Bankruptcy may loom for Mervyns
Phoenix Business Journal - by David Goll
Mervyns LLC is struggling to avoid bankruptcy, according to media reports Monday.
Company officials reportedly are trying to persuade vendors to ship merchandise for their crucial back-to-school season.
This occurred after the company lost a source of financing from lender CIT Group Inc., which has dramatically reduced business loans, according to a report in the Wall Street Journal. If the effort fails, bankruptcy is a possibility for the midrange department store chain based in Hayward, Calif., which operates 177 stores in Arizona and six other western states. The company employs about 23,000 people.
Roy Berces, a Mervyns spokesman, said Monday he could not comment on reports of the retailer's financial difficulties. He did say, however, that Mervyns still plans to open a new 80,000-square-foot store Friday in Newark, Calif.
In May, Mervyns announced plans to close five to 10 underperforming stores, but open another five in its core western market.
Some retail industry analysts said four years ago the company would not survive a sale by its longtime parent company, Target Corp. However, Target sold an intact Mervyns to a consortium of investors for $1.2 billion, which then proceeded to close about 70 underperforming stores and exit several markets in the Midwest and South. The investment group, currently led by Sun Capital Partners Inc. of Boca Raton, Fla., has also begun opening new stores during the past two years.
David Goll is a reporter for the East Bay Business Times in Calif
http://www.bizjournals.com/phoenix/stories/2008/07/21/daily29.html
Oh, yeah, to top things off, just found out yesterday that my own company may be bought out my Swiss Parmaceutical, Roche. Seems like a good deal for them now that the dollar is so cheap....
Tuesday, July 22, 2008 - 12:50 PM MST
Bankruptcy may loom for Mervyns
Phoenix Business Journal - by David Goll
Mervyns LLC is struggling to avoid bankruptcy, according to media reports Monday.
Company officials reportedly are trying to persuade vendors to ship merchandise for their crucial back-to-school season.
This occurred after the company lost a source of financing from lender CIT Group Inc., which has dramatically reduced business loans, according to a report in the Wall Street Journal. If the effort fails, bankruptcy is a possibility for the midrange department store chain based in Hayward, Calif., which operates 177 stores in Arizona and six other western states. The company employs about 23,000 people.
Roy Berces, a Mervyns spokesman, said Monday he could not comment on reports of the retailer's financial difficulties. He did say, however, that Mervyns still plans to open a new 80,000-square-foot store Friday in Newark, Calif.
In May, Mervyns announced plans to close five to 10 underperforming stores, but open another five in its core western market.
Some retail industry analysts said four years ago the company would not survive a sale by its longtime parent company, Target Corp. However, Target sold an intact Mervyns to a consortium of investors for $1.2 billion, which then proceeded to close about 70 underperforming stores and exit several markets in the Midwest and South. The investment group, currently led by Sun Capital Partners Inc. of Boca Raton, Fla., has also begun opening new stores during the past two years.
David Goll is a reporter for the East Bay Business Times in Calif
http://www.bizjournals.com/phoenix/stories/2008/07/21/daily29.html
