by Calculated Risk on 7/28/2008 11:45:00 PM
Monday, July 28, 2008
WSJ: Mervyn's "Close To Bankruptcy"
From the WSJ: Mervyn's Is Close To Bankruptcy Filing (hat tip sunlight)
Lawyers for Mervyn's LLC are telling creditors that the regional department-store chain will file for bankruptcy protection in the next few days, barring a last-minute cash infusion ...More problems for mall owners. And more ripples from the real estate bust.
Mervyn's, which operates 177 stores, mostly in California, has been struggling in the face of sharp sales declines this year in California and Arizona, where the real-estate markets have collapsed.