Mervyns Files Chapter 11
On July 21st I wrote Mervyn’s Headed Down A Bad Road. Yesterday, Mervyn”s filed for Chapter 11 bankruptcy “… citing “the state of the economy and difficult operating environment for our industry.” Sharon Simonson in the Phoenix Business Journal wrote,
Sun Capital and the other private equity partners acquired the Mervyns chain from Target Corp. in 2004 for $1.2 billion, putting up about $400 million in equity and financing the rest.
The deal was set up as two separate transactions — one for the retailer and a second one for the its real estate. In a bankruptcy of the store side of the deal, the real-estate arm would become a creditor.
Through a series of sales and leases, the buyers have reportedly more than doubled their money on the real-estate investment.
UPDATE: Mervyn’s received approval to “keep honoring policies on refunds and other customer returns, and to let customers pay with gift cards.”
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