Circuit City’s Auction Cancellation Bad News For Landlords
December 23, 2008
On December 18th, Circuit City was slated to auction off leases for some 154 stores but instead cancelled the auction after the bankruptcy court informed it that there was an insufficient amount of interest in the leases. The company now plans to reject or break the leases on the grounds of its Chapter 11 reorganization after [...]
Read More >>Mervyn’s to Liquidate and Close; 3000 Northern California Employees Affected
October 18, 2008
With no more fight left in it, Hayward-based Mervyn’s has decided to shut its doors for good. The retailer will be closing all of its approximately 150 stores. In Northern California, Mervyn’s has more than 3,000 employees.
Locally, Mervyn’s has a retail presence in San Jose, Milpitas, Campbell, Morgan Hill, Santa Clara, Fremont, Cupertino, Mountain View, Newark, [...]
Lehman’s Ship Sinking; Bank of America Acquiring Merrill Lynch
September 14, 2008
In what is one of the most fantastic days in modern financial history, Lehman looks to be headed into bankruptcy as potential suitors Barclays and Bank of America have walked away. Meanwhile, Bank of America has reached an agreement to acquire Merrill Lynch.
These two moves likely won’t be the last as attention will likely next [...]
Mervyn’s Files Chapter 11 Bankruptcy
July 30, 2008
Mervyn’s, which is headquartered in Hayward, CA, has filed for Chapter 11 Bankruptcy. Under Chapter 11, the debtor (Mervyn’s) can continue to operate while it works out a plan to pay its debts and sort through its financing. It’s supposedly working on a finance package being arranged through Wachovia which would allow it to fight [...]
Read More >>Mervyn’s Financial Situation Dire; May Be Forced To File BK
July 23, 2008
Mervyn’s is at risk of becoming the next retailer forced to file for bankrupty. Coming on the heels of Linens & Things, and Sharper Image bankruptcies, Mervyn’s represents another retailer with a significant west coast footprint.
Mervyn’s was purchased by PE firms about four years ago from Target Corporation for $1.2B. Similar in nature to Sears, [...]