Retail Detail. Forever 21 to Buy 150 stores From Bankrupt Mervyns?

October 7, 2008 • Shopping

According to the  Los Angeles Times, Forever 21 submitted a bid last Friday to buy nearly 150 stores from bankrupt Mervyns.

The offer, for an undisclosed amount, comes after Mervyns, based in Hayward, Calif., filed for Chapter 11 bankruptcy protection in July. The mid-priced department store chain said soon after that it would shutter 26 of its 175 stores; Forever 21’s bid is for the remaining locations which would be converted to Forever 21s.

Forever 21 had previously tried to buy Mervyns when it was unloaded by Target Corp. in 2004, Lee said, but lost out to a group of investors that acquired Mervyns for $1.2 billion.

Source:  Los Angeles Times

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