Mervyns and Boscov’s, which are on a growing list of retailers that have filed for bankruptcy because of the troubled economy, are shuttering underperforming stores.
Hayward, Calif.-based Mervyns plans to shut 26 of its 176 units by late October or early November: 11 in California, six in Texas, four in Arizona, four in Nevada and one in Idaho. Mervyns operates in six states in the West and Southwest.
“We believe this is a necessary step in our process to emerge from bankruptcy as a stronger company, better positioned to compete in the retail industry,” said John Goodman, chief executive officer of Mervyns.
Boscov’s, which operates 49 stores in six states, will close 10 locations: Five in Pennsylvania, three in Maryland and one each in New Jersey and Virginia. Seven of the units were among the 10 sites that Boscov’s purchased from Federated Department Stores, now Macy’s Inc., in 2006. The store-closing sales began Saturday.
Mervyns filed a Chapter 11 petition seeking bankruptcy court protection on July 29 in Delaware. The retailer secured a $465 million debtor-in-possession facility from a lender group led by Wachovia Capital Finance Corp. to fund operations while in bankruptcy.
Boscov’s filed for bankruptcy court protection on Aug. 4 in Delaware. The 97-year-old Reading, Pa.-based retailer said in a court affidavit that its customers have been hit hard by the collapse of the housing market and rising energy and food prices. In addition, Boscov’s said tightening credit put further constraints on the broadline retailing industry.
Steve & Barry’s, Goody’s Family Clothing Inc., Shoe Pavilion, Whitehall Jewelers and Linens-N-Things also have sought bankruptcy protection this year.�
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews