AP Associated Press
Oct. 17, 2008 3:33 pm
By Anne D'Innocenzio
NEW YORK (AP) -- Ailing department store chain Mervyns LLC, which filed for Chapter 11 bankruptcy protection in July, said Friday that it plans to begin liquidation sales at its remaining 149 stores and wind down its business.
Mervyns' announcement marks the latest retail obituary and represents yet another blow to the nation's malls, which are grappling with increasing vacancy rates in a deteriorating economic environment. On Tuesday, specialty retailer Linens 'n Things, which filed for bankruptcy protection in May, announced it will begin liquidation sales at its stores as early as this week after failing to find a buyer that wanted to operate the company.
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