Mervyn’s Says It Will Liquidate All Stores

NEW YORK (AP) – Department store chain Mervyns, which filed for bankruptcy protection in July, plans to liquidate its remaining 149 stores and wind down business.

The company’s Web site says Mervyns operates in Texas and six other states.

The Hayward, California,-based chain today announced the liquidation plans.

An analysis of available options, including a sale of the company, led the board to determine that liquidation was the best way to maximize value for Mervyns creditors.

Mervyns plans to pursue the liquidation under the Chapter 11 bankruptcy code, which typically allows companies to retain more control over the selling off of assets.

(Copyright 2008 by The Associated Press. All Rights Reserved.)