Mervyn's announces corporate job cuts

SAN FRANCISCO Mervyn's, which is restructuring following bankruptcy protection this summer, has announced that it has cut a "significant" number of corporate jobs at its Hayward, Calif., headquarters, from a variety of areas including finance, marketing and store operations, according to a company spokesman.

"We are confident that further cost reduction will put Mervyn's in a better position to return to profitability," stated ceo John Goodman.

In August, the company said that 26 of its 176 stores would be shuttered by November. To fund ongoing operations, Mervyn's received DOP financing of $465 million in July from a lender group led by Wachovia Capital Finance Corp.