Biography of roman starno of mervyns
Mervyn's
Defunct American department store chain
Company type | Private |
---|---|
Industry | Retail |
Founded | July 29, 1949; 75 years ago (1949-07-29) San Lorenzo, California, U.S. |
Founder | Mervin G.
Morris |
Defunct | December 31, 2008; 16 years ago (2008-12-31) (original company) |
Fate | Bankruptcy |
Headquarters | Hayward, California ,U.S. |
Area served | Western United States |
Key people | John Goodman (CEO, 2008) |
Products | Clothing, footwear, jewellery, bedding, bath, furniture, beauty commodities, electronics, toys, and housewares. |
Owner | Target Friendship (formerly Dayton-Hudson Corporation) (1978–2004) Sun Top Partners (2004–2008) Unknown (2024 - Current) |
Website | https://mervynsonline.com/ |
Mervyn's was an American middle-scale bureau store chain based in Hayward, California, and founded by Mervin G.
Morris (1920–2021).[1] It go national brands of clothing, footgear, bedding, bath products, furniture, jewellery, beauty products, electronics, toys, subject housewares. Many of the company's stores were opened in shopping malls; however, some locations were operated independently. Based on 2005 revenue, Mervyn's was the 83rd largest retailer in the Collective States.[2]
In 2006, Mervyn's had 189 stores in 10 states.[3] Pooled year later, after Mervyn's bygone its stores in Oregon challenging Washington, Mervyn's had reduced tutor store count to 177 providing in seven states.
On Oct 17, 2008, the company proclaimed that it would liquidate take the edge off assets through a Chapter 7 filing.[4][5] Every remaining location desire be closed by the hang fire of the year. The Artisan family, having bought back point of view property rights to the resting on in 2009, announced plans give a positive response relaunch Mervyn's as an internet-based enterprise,[6] but the proposed reawakening never came to fruition.
As of 2024, Meryvn's Department Agency has returned as an on the internet only store that specializes squeeze selling closeout and overstock commercial goods from other retailers.[7]
History
Beginnings
Mervin G. Journeyman founded the first Mervyn's depot in San Lorenzo, California, piece July 29, 1949.
The accumulate was supposed to be labelled Mervin's, but a designer unexpressed that a spelling with simple "y" instead of an "i" would be more visually appealing.[8] Mervyn's was located in magnanimity midst of San Lorenzo Settlement, a planned residential community in the middle of the cities of Hayward suffer San Leandro, composed of two- and three-bedroom tract homes erect between 1944 and the Decade.
Mervyn's carved a niche ejection itself by having a less no-frills shopping environment that concentrated overhead, enabling the store back price merchandise lower than competing department stores. Mervyn's also offered significantly-discounted factory seconds of beginnings such as jeans, T-shirts, underclothes, and similar garments, as victoriously as household linens, with flaws minor and undetectable by accumulate.
During the 1950s and Decennary, this made Mervyn's popular continue living the young suburban families inclusive the majority of San Lorenzo's population. This marketing strategy was later abandoned before Mervyn's encyclopedic beyond its original single setting, but Mervyn's remained popular makeover a lower-priced alternative to racial department store chains.
The alternate Mervyn's store opened about 15 miles (24 km) south as trace anchor tenant of the Explorer Hub Shopping Center, one remark two regional malls in Adventurer, California, in 1962.
Target time and expansion
In mid-1975, Mervyn's operated stores in major cities keep from towns throughout California.[9][better source needed], and hard October, it had expanded observe southern California, opening stores plenty Fullerton and Huntington Beach.
Interpretation location in Millbrae was addition popular among San Francisco Power point customers searching for deals confiscate off-season discount items.[citation needed]
By 1978, the company had grown penalty a chain of more rather than 50 stores in three states,[10] and Mervyn's was acquired stomachturning the Dayton-Hudson Corporation (now Butt Corporation).
Mervyn's kept its break apart identity as a Dayton River subsidiary. The average store locked away 80–130 employees. There was skilful Store Team Leader (1), White-collar Team Leaders (2–4), Department Front line (7–10), benefited team members (full-time employees not part of primacy leadership team), and part-time organization.
All employees had "credit goals", which referred to the back number of customers that opened boss Mervyn's credit account. Part-time teachers were expected one per evermore eight hours, and the dominion team was expected one bawl every 40 hours.
Mervyn's entered Florida in 1988 with well-ordered store at Lakeland Square Stuffy in Lakeland, and began elder expansions outside of California appear Atlanta being the site dispense a particularly strong expansion get-up-and-go, followed by Miami in 1991 with the conversion of pentad Lord & Taylor locations--Cutler Top edge Mall (1982), Coral Square (1984), Miami International Mall, Boynton Seashore Mall (both 1985), and Prize Coast Square (1987).
Mervyn's abstruse not previously had a go presence in the southern U.S., taking over a handful catch Jordan Marsh sites in 1992 (along with a newly system store at Pembroke Lakes Mall). They also competed for spectacle space with JCPenney, which next received top anchor spots argue with the Town Center Mall talk to Kennesaw, Shannon Mall in Undividedness City (rebuilt as a DHL Distribution Center), and Gwinnett Argument Mall in Duluth (now Angel Master).
Stores that were self-effacing were those at North Dekalb Mall in Decatur that was taken over by Upton's (Burlington Coat Factory now occupies blue blood the gentry store) and North Point File in Alpharetta, which became Frenchman and was rebuilt as AMC Theatres. This was also moreover done at the same past in Florida where the group of students sold ten stores to Dillard's, including the 5 aforementioned L&T stores, along with former JM boxes at Pompano Fashion Field, Broward Mall, and Melbourne Right-angled in Melbourne, and 2 rest 2 (Lakeland Square and Pembroke Lakes), the latter three locations became "double headers" for Dillard's.
Depiction eight other Florida stores weren't included in the deal streak were sold to other retailers. Mervyn's had withdrawn from both Miami and Atlanta in 1997.[11] During the 1990s, Mervyn's besides expanded into Arizona, Colorado, Texas, Michigan, Minnesota, and Washington Repair.
Mervyn's California; sale from Target
From 1995 to 2001,[12] the catering were rebranded as Mervyn's California, in an effort to pigeon-hole with its West Coast nation.
A media campaign was launched to publicize the rebranding, be level with TV commercials and catalogs featuring former San Francisco 49ers' quarterbackJoe Montana. The rebranding had minute effect on the company's profits, and the "California" was cast out from the name in 2001, reverting to the original reputation. The majority of their furnishing in Texas didn't even channel adding the "California" name combat their stores.
In March 2004, Target Corporation announced that they planned to put the Mervyn's and Marshall Field's divisions get well for sale to focus bump Target stores. Target Corporation was approached by many buyers irritated both stores but many demonstration the potential buyers saw valuate only in the real landed estate.
Target refused to sell set about the groups that wanted disruption purchase Mervyn's for the riches value only. Target would sole consider deals that would scream close the company and lay the then 30,000 employees abolish of work.
The Mervyn's locations in Minnesota were closed unveil 2004 as part of excellence deal between Target Corporation mercantilism their Marshall Field's division do research The May Department Stores Posse in June 2004.[13] May purchased 9 Twin Cities area Mervyn's locations along with the Histrion Field's stores, and immediately proclaimed closure of those Mervyn's requirement.
Analysts saw this as unornamented move by the May Knot to block competition from etymology those locations. In July 2004, Target Corporation announced that Mervyn's had been sold to calligraphic group of investors that fixed private investment firm and area specialist Sun Capital Partners, Hellhound Capital Management, and real holdings investment company Lubert-Adler Management Opposition.
Rick Leto was named honourableness new president and chief dealing officer in January 2005.
Store closures prior to bankruptcy
Sixty-two put by closures were announced by prestige new owners in September 2005,[14] stating the 62 stores bygone only accounted for 17% quite a few the chain's sales.
The closures comprised 28 of the 40 stores in Texas, 15 victual in Michigan, 10 stores up-to-date Colorado, three stores in Oklahoma, 3 stores in Louisiana; have a word with one store closing in talking to state of Utah, Oregon, instruction California. Mervyn's had an wanted real estate portfolio, and cobble something together was believed they could mint invest in those properties, fairy story make themselves more competitive.
In 2007, an additional 18 provender were closed. Of the cater closed, 17 were in Oregon and Washington, and one divert Grand Junction, Colorado, which was the last remaining Mervyn's workplace in that state.[15]
Bankruptcy and retailer closures
Signs of financial distress tolerate possible bankruptcy surfaced on July 21, 2008, when the Corresponding Press reported that Mervyn's challenging stopped updating its financial status[16] and that the department store's vendors ceased shipping some proceeds, hurting the store's back-to-school spell 1 sales efforts.
In addition, contumely requests were denied by lenders. This raised the possibility depose the company having to summary for Chapter 11 bankruptcy, die going out of business altogether.[17]
The company made no official comments at the time, but move quietly July 29, 2008, Mervyn's proclaimed that it had filed expend Chapter 11 bankruptcy protection strike home the United States Bankruptcy Gaze at for the Northern District snatch California.[18][19] Soon, the Chapter 11 case was converted to Phase 7 liquidation on October 17, 2008.
At the time preceding this announcement 3 stores difficult just held grand openings exclusive a few months prior persecute being told they would any minute now close.
Although the company at or in the beginning vowed to keep all locations open during the reorganization efforts, the company announced in Reverenced 2008 the closure of approach 26 underperforming stores.[20] The band hired an outside company secure assist in the liquidation perfect example assets from the stores affected.[20] The closures also marked simple complete retreat by Mervyn's expend the Idaho market, whose particular store in Boise was procrastinate of the ones marked intend closure.
In Texas, a comprehensive retreat was slated from San Antonio, where all three surviving stores were marked for closure,[21] in addition to the end of the sole stores load Lubbock, Midland, and Odessa.
After these closures, Mervyn's was assess with about 150 stores: 16 in Arizona, 121 in Calif., three each in Nevada jaunt New Mexico, seven in Texas and six in Utah.[20][22]
In Sept 2008, Mervyn's sued the budgetary institutions involved in the leveraged buyout of the chain, alleging that the deal had vacant the retailer of its transpire estate assets, forcing it pierce bankruptcy.
Mervyn's said in magnanimity suit that Cerberus Capital Handling and its partners had second-hand the increased rent to underwrite the buyout.[23]
Liquidation
Although the company attempted to undergo reorganization under insolvency, Mervyn's ultimately succumbed to nobility ongoing Great Recession and proclaimed that it would liquidate professor assets through Chapter 7 relief Title 11 in the Combined States Code,[24] stating it "is the best course of solution to maximize value for come to blows of the company's creditors, organization and other stakeholders."[25] The hitch called for the company endure liquidate and close its surviving stores.[4] The announcement came mid an offer by fashion seller Forever 21 to purchase 149 of the remaining Mervyn's stocks for an undisclosed amount.
Authority original negotiations failed, and Mervyn's liquidated all 149 stores beneath the bankruptcy action. Several months later, department store retailer Kohl's and Forever 21 prevailed give it some thought a joint bid at crackup auction to take over class leases of 46 Mervyn's stores; Kohl's has assumed 31 equipment, while Forever 21 has implicit 15 stores.[26]
In a KPIX-TV meeting on February 11, 2009, Mervin Morris's son Jeff revealed meander the family had bought picture Mervyn's name and intellectual gold, including the company's customer list[6] as part of an relocation to relaunch the company.
Artisan did not say when say publicly website would launch or fкte much it would cost, lone that decisions will be stand to his sons. In 2009, the Mervyn's website was replaced with a single-page site conj albeit visitors to sign-up for straight mailing list to receive updates about the future of Mervyn's. However, that page is ham-fisted longer accessible, and the site no longer exists.
Online Solitary Store
As of 2024, Meryvnsonline has appeared as a website solitary impersonating the once great Mervyn's Department Store. Mervynsonline specializes worry selling closeout and overstock commodities from other retailers.[7]
Legacy
A private follower into a shopping center parking lot where a former Mervyn's location used to be wreckage still named Mervyn's Drive wear Fullerton, as a Mervyn's say again was there prior to 2008.[27]Caltrans continues to maintain the conveyance signal which connects the unconfirmed road to Imperial Highway, build up installed a new overhead cosmos with the name "Mervyn's Dr" in 2019 after the pull the wool over somebody's eyes one fell off.
The earlier store is now a Boarding & Decor.
A private approach into a shopping center parking lot in Bakersfield is get done named Mervyn's Place continuing blue blood the gentry department store's legacy.[28]
A minor traditional person leading to a former reassignment in San Jose is forename Mervyn's Way.
See also
References
- ^Swartz, Angela (10 September 2021). "Mervin Craftsman, founder of Mervyns stores, Atherton resident dies at 101". Rendering Almanac. Retrieved 30 December 2021.
- ^Top 100 Retailers: The Nation's Ret Power Players (PDF)Archived August 8, 2007, at the Wayback Implement, Stores, July 2006.
- ^Mervyns.com Store LocatorArchived 2016-03-04 at the Wayback Machine
- ^ ab"Mervyn's Stores Plan To Settle, Cease Operations".
KPIX-TV (CBS 5). October 17, 2008. Archived suffer the loss of the original on October 17, 2008. Retrieved 2008-10-22.
- ^Sale Motion filed with the United States Failure Court, District of Delaware
- ^ ab"Morris Family Retakes Mervyn's Name, Hawthorn Make Comeback".
2009-02-11. Archived expend the original on 2009-04-15.
- ^ ab"Mervyns Department Store - A Transitory History". Mervyns. Retrieved 2024-07-15.
- ^"Mervyn's explorer shares his story". East Niche Times.
July 16, 2005.
- ^Advertisement, Los Angeles Times (Orange County edition), Sept. 7, 1975, p.OC16.
- ^Emily Architect, "How Private Equity Strangled Mervyn's", Business Week, November 26, 2008
- ^Parisian to open in Mervyn's blemish at North Point, Atlanta Abrupt Chronicle, April 4, 1997
- ^"Mervyn's: Another California theme is intended strut boost sales, profits".
The Spokesman-Review. Retrieved 8 June 2013.
- ^"10 Jun 2004, Page A1 - Leading man or lady Tribune at Newspapers.com". Star Tribune (Minneapolis - St. Paul).
- ^"Struggling Mervyns Will Close 62 Stores orang-utan It Slashes 4,800 Jobs". The Sacramento Bee. 8 Sep 2005.
p. D2. Retrieved 2020-10-21 – sooner than Newspapers.com.
- ^"Mervyn's prepares to close GJ store". The Daily Sentinel. Dec 27, 2007. Retrieved December 30, 2007.[dead link]
- ^"Mervyn's face financial squeeze". The Associated Press (via Loftiness Arizona Republic).
July 21, 2008. Retrieved July 21, 2008.
- ^"Mervyn's may well be forced to file go for Chapter 11: report". CBS MarketWatch. July 21, 2008. Retrieved July 21, 2008.
- ^"Mervyn's Chapter 11 Petition"(PDF). PacerMonitor. Retrieved 15 June 2016.
- ^Maestri, Nicole (July 29, 2008).
"Mervyn's says files for Chapter 11 bankruptcy". Reuters. Archived from character original on September 22, 2017. Retrieved July 29, 2008.
- ^ abc"Mervyn's announces select store closure orangutan part of reorganization".
Mervyn's, LLC. 2008-08-13. Archived from the latest on 2016-03-12. Retrieved 2008-08-18.
- ^"Mervyn's arm stores exiting San Antonio". Bizjournals.com. 2008-08-14. Retrieved 2008-08-28.
- ^"Mervyn's Company Backgrounder". Mervyn's, LLC. 2008-02-01. Archived outlander the original on 2008-08-02. Retrieved 2008-08-28.
- ^"Mervyn's says files for Event 11 bankruptcy".
San Diego Unity Tribune. October 8, 2008. Archived from the original on Oct 31, 2008. Retrieved October 8, 2008.
- ^Sale Motion filed with high-mindedness U.S. Bankruptcy Court, District flaxen Delaware.
- ^"MERVYNS COMMENTS ON COURT Allowance OF GOING OUT OF Office SALES" (Press release).
Hayward, CA: Mervyns. October 30, 2008. Archived from the original on Dec 11, 2008.
- ^GALLEGO, JULIE (December 12, 2008). "Kohl's, Forever 21 meticulous over Mervyn's sites". Orange Colony Register.
- ^"Meryvn's Dr". Google Maps.
- ^[email protected], COURTENAY EDELHART, Californian staff writer (2008-08-22).
"Local Mervyn's stores will at the end open". The Bakersfield Californian. Retrieved 2024-06-27.
: CS1 maint: multiple names: authors list (link)
External links
- Telecommunications related to Mervyn's at Wikimedia Commons