Mervyns says it will liquidate all stores - KLTV.com - Tyler, Longview, Jacksonville |ETX News

CALIFORNIA (AP)

Mervyns says it will liquidate all stores

Ailing department store chain Mervyns LLC, which filed for Chapter 11 bankruptcy protection in July, plans to liquidate all of its remaining 149 stores and wind down its business.

The Hayward, California-based chain said Friday that after completing a thorough analysis of all available options, including a sale of the company, the board determined that liquidation was the best way to maximize value for the company's creditors.

It says it plans to pursue the liquidation under the Chapter 11 bankruptcy code, which typically allows companies to retain more control over the selling off of assets.

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