It's always sad to see a clothing store with rich history go down. While Steve & Barry's also recently nearly folded, Mervyns is the first major department store to announce its liquidation during these tough economic times. The 59-year-old company will be holding going-out-of-business sales at its remaining 149 locations during the holidays as a way to maximize value for its creditors.
While many may be shocked by this news, some are not: “It’s not surprising that the demise of the company is taking place. Their locations weren’t good enough and their message got diluted. Because of their lack of momentum, their pricing may not have been as sharp as it should have been," said Walter Loeb of Walter Loeb Associates. It remains to be seen if Mervyns will be rescued, but in the meantime, let's bid adieu.