• COURT APPROVES MERVYNS FINANCING: A federal bankruptcy court in Wilmington, Del., approved Mervyns’ $465 million debtor-in-possession financing facility, according to the retailer, which filed for Chapter 11 bankruptcy protection last month. A group of lenders led by Wachovia Capital Finance Corp. (Western) is providing the financing. “Our DIP financing provides Mervyns with the liquidity and stability it needs to continue serving our customers and meeting our obligations to vendors,” said John Goodman, chief executive officer. “With this final DIP financing in place and our financial position now strengthened, we are able to maintain our operations while continuing our discussions with creditors as we focus on emerging from bankruptcy.” Mervyns, which operates 175 stores, plans to close 26 doors by early November.


 

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