Blog: Mervyns’ future looks bleak
Leonie Barrie | 30 July 2008
Mervyn's is the latest US retailer to join an ever-lengthening list of companies who have filed for bankruptcy this year. Steve & Barry's, Shoe Pavilion and Goody’s are just three that have succumbed in recent months.
The department store chain says it has a US$465m debtor-in-possession funding, and intends to remain open during the bankruptcy process. But a long-term turnaround plan put into place earlier this year, and which included a focus on markdowns and promotions, has clearly proved to be less then effective in recent months as the retail market has slowed.
It’s future, and that of other mid-tier retailers, depends on whether or not it can find another way to draw back consumers who are currently seeking bigger bargains at discount stores.
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