Kohl’s, Forever 21 to take over 46 Mervyns stores
Posted on 7:13 AM, under economy, Jobs, Perception
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They jointly bid $6.25 million for the bankrupt retailer’s locations. The move gives Kohl’s access to ‘under-penetrated markets’ and enables Forever 21 to begin big-box expansions.
By Andrea ChangDecember 13, 2008
Retailers Forever 21 Inc. and Kohl’s Corp. won a joint bid to take over 46 stores from bankrupt Mervyn’s for $6.25 million, the chains said Friday.
The deal gives Kohl’s the leasing rights to 31 stores; Forever 21 will assume the other 15 locations. The agreement is still pending approval by the court overseeing the bankruptcy proceedings for Mervyn’s.
“We got exactly the stores that we wanted,” said Christopher Lee, senior vice president at Forever 21. “We’ve waited a long time for this and it finally came for us. This is just the beginning for us for big-box expansions.”
Read the rest of the story.....
By Andrea ChangDecember 13, 2008
Retailers Forever 21 Inc. and Kohl’s Corp. won a joint bid to take over 46 stores from bankrupt Mervyn’s for $6.25 million, the chains said Friday.
The deal gives Kohl’s the leasing rights to 31 stores; Forever 21 will assume the other 15 locations. The agreement is still pending approval by the court overseeing the bankruptcy proceedings for Mervyn’s.
“We got exactly the stores that we wanted,” said Christopher Lee, senior vice president at Forever 21. “We’ve waited a long time for this and it finally came for us. This is just the beginning for us for big-box expansions.”
Read the rest of the story.....
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