Sonora, Ca — Department store chain Mervyns, which had filed for Chapter 11 bankruptcy protection in July, plans to liquidate all of its remaining 149 stores and close down its business operations.
The Associate Press reports that the California-based chain said Friday that after completing a thorough analysis of all available options, including a sale of the company, the board determined that liquidation was the best way to maximize value for the company´s creditors.
Mervyns says it 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.
The decision affects the Sonora location.
Written by BJ Hansen