NORTHBROOK, Ill. - (Business Wire) Store closing sales begin today at 26 Mervyns stores in California, Arizona, Texas, Nevada and Idaho as part of a company-wide reorganization process. Just in time for Back-To-School, over $130 million of inventory is on sale at tremendous savings. Mervyns is the leading mid-tier department store chain serving western and southwestern states.
Storewide discounts of 20% to 50% are now being offered on all merchandise in the closing stores. Consumers will be able to take advantage of deep discounts on a huge selection of the latest famous brand fashions, footwear and accessories for everyone in the family. In addition, the entire stock of home furnishings is on sale, including everything for bed and bath, cookware, kitchen electrics, housewares and much more.
The store closing program is led by Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC. Michael Keefe, President of Hilco Merchant Resources, stated, “This is an outstanding opportunity for consumers to realize unprecedented savings on a broad selection of quality merchandise. This is sure to be a very popular sale, which will not last very long and comes at a perfect time for making back-to-school purchases."
“Merchandise will be marked down to sell fast. Everything must go,” said Stephen Miller, Principal and Managing Director, Gordon Brothers Retail Partners. “The timing couldn’t be better for consumers looking to get a jump start on gift purchases for the coming holiday season.”
John Goodman, CEO of Mervyns, said, "We appreciate the loyal and ongoing support of our customers and hard working employees as we progress through our restructuring."
About Hilco Merchant Resources, LLC
Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. HMR can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate, leases, and furniture, fixtures and equipment. HMR also provides retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs. Over the years, Hilco principals have assisted retailer in monetizing assets valued in excess of $50 billion.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $40 billion in transactions and appraisals annually.
| MERVYNS STORE CLOSING LOCATIONS 8-28-08 |
| MALL NAME | | ADDRESS | | CITY | | ST |
| Silver Creek Plaza | | 4710 E RAY RD | | PHOENIX | | AZ |
| Village Square Center | | 4643 E CACTUS RD | | PHOENIX | | AZ |
| Scottsdale Pavilions | | 9109 E INDIAN BEND RD | | SCOTTSDALE | | AZ |
| Sommersville Town Center | | 2602 SOMERSVILLE RD | | ANTIOCH | | CA |
| Fallbrook Mall | | 6605 FALLBROOK AVE | | CANOGA PARK | | CA |
| Westfield Solano Mall | | 1451 GATEWAY BLVD | | FAIRFIELD | | CA |
| Foothill Town Center | | 26732 PORTOLA PKWY | | FOOTHILL RANCH | | CA |
| Bella Terra | | 7651 EDINGER AVE | | HUNT.BEACH | | CA |
| The Marketplace | | 27200 ALICIA PKWY | | LAGUNA NIGUEL | | CA |
| 580 Plaza | | 4500 LAS POSITAS RD | | LIVERMORE | | CA |
| Fred Waring Plaza | | 72280 HIGHWAY 111 | | PALM DESERT | | CA |
| Boise Towne Center | | 400 N MILWAUKEE ST | | BOISE | | ID |
| Grand Canyon Plaza | | 4265 S GRAND CANYON DR | | LAS VEGAS | | NV |
| Sierra Center | | 6895 SIERRA CTR PKWY | | RENO | | NV |
| Great Plains Mall | | 6002 SLIDE RD | | LUBBOCK | | TX |
| Midland Plaza | | 3001 W LOOP 250 N | | MIDLAND | | TX |
| Music City Mall | | 4101 E 42ND ST | | ODESSA | | TX |
| Ingram Park Mall | | 6157 NW LOOP 410 NW | | SAN ANTONIO | | TX |
| South Park Mall | | 2310 SW MILITARY DR | | SAN ANTONIO | | TX |
| North Star Mall | | 7400 SAN PEDRO AVE | | SAN ANTONIO | | TX |
| Napa Town Center | | 1116 FIRST ST | | NAPA | | CA |
| Eagle Station | | 3871 S CARSON ST | | CARSON CITY | | NV |
| Silver State Plaza | | 520 N MCCARAN BLVD | | SPARKS | | NV |
| ++++ | | 3636 W. SOUTHERN | | PHOENIX | | AZ |
| Crossroads | | 3960 BARRANCA PKWY | | IRVINE | | CA |
| Janss Market | | 285 N MOORPARK RD | | THOUSAND OAKS | | CA |
Hilco Merchant Resources
847-509-1100
www.hilcomerchantresources.com
