By  on May 6, 2008

NEW YORK — Department store chain Mervyns lost credit approval from CIT Group Inc. for $40 million in orders. 

Mervyns, which was previously owned by Target Corp. and taken private in 2004, has been swathed in turmoil. The mid-tier retailer so far has cut 315 jobs, closed over 80 locations and replaced its top executive. John Goodman, a former Levi Strauss executive, is now Mervyns’ CEO.

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