HAYWARD, California – October 30, 2008 – SB Capital Group, LLC, and other leading national retail liquidation and asset recovery firms, announced today that they have formed a joint venture to manage a court-ordered bankruptcy liquidation sale of Mervyn’s department stores. The sale starts today in Mervyn’s remaining 149 store locations throughout California and the Southwest.
Inventory valued at approximately $900 million will be liquidated to the bare walls. In this sale of sales in Mervyn’s long and storied history, shoppers will find tremendous savings on everything in the store including extensive selections of the many great brands of apparel and shoes for the entire family, as well as a great selection of home fashions and housewares.
The joint venture released a statement saying “During its nearly 60 years in business, Mervyn’s has become a Southwest landmark known to consumers for style, quality and value. The Going Out of Business sale will offer the thousands of loyal Mervyn’s customers as well as the general public a final opportunity to acquire the quality merchandise that Mervyn’s was known for, all at significant discounts.”
In addition to the merchandise liquidation of Mervyn’s, all store fixtures throughout the chain will also be sold.
Founded in 1949 by Mervin Morris, Mervyn’s focused on their customers and became known as “your source for what you want in your closet and home”. Mervyn’s has been operating under Chapter 11 of the Bankruptcy Code since July 29, 2008 (U.S. Bankruptcy Court, District of Delaware, Case #08-11586 (KG)).