REBusinessOnline

MERVYN’S FILES FOR CHAPTER 11 BANKRUPTCY

HAYWARD, CALIF. — Department store Mervyn’s filed for Chapter 11 bankruptcy on Tuesday, citing the state of the economy as one of the chief reasons. The company has also received a $465 million debtor-in-possession facility from a lender group led by Wachovia Capital Finance Corp. as the agent. Under Chapter 11 bankruptcy, companies continue to operate while they reorganize business operations and finances. Hayward, Calif.-based Mervyn’s operates 176 mid-tier department stores in seven states.

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