The economy claimed another large retail victim Tuesday when the $2.5 billion Mervyns filed a voluntary Chapter 11 petition for bankruptcy court protection in Delaware.
The filing further dramatizes the treacherous nature of the current retail climate, and its close links to the health of the housing market and the price of gas. The 59-year-old Mervyns was once a star of the booming California market, and for years dominated the retail scene in many of the areas in which it operated. Mervyns currently has 177 stores in seven Southwestern states.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"