Mervyns shutters remaining 149 stores

HAYWARD, Calif. Mervyns, a regional retailer in California and the Southwest, has announced its plan to hold going out of business sales at all of its remaining 149 locations and to wind down its business.

The company and its board of directors determined that holding going out of business sales during the holiday season is the best way to maximize value for the company’s creditors. Mervyns intends to retain an outside professional services firm to assist in the liquidation sales of inventory.

“We are disappointed with this outcome but the company’s declining liquidity position and the extremely challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action,” said John Goodman, ceo of Mervyns. “Consumers know Mervyns for our style, quality, and great value and we are confident that the deep discounts available through going out of business sales will drive significant traffic in our stores.”