Mervyns said in a prepared state that its board of directorsdetermined that "holding going out of business sales during theholiday season is the best way to maximize value for the company'screditors." Mervyns said it intends to retain an outsideprofessional services firm to assist in the liquidation sales ofinventory. Hilco is currently handling the going-out-of-businesssales now occurring at 26 Mervyns locations previously earmarkedfor closure.
"We are disappointed with this outcome but the company'sdeclining liquidity position and the extremely challenging retailenvironment, together with the fact that we have exhausted allother possibilities, requires that we take this action," statedMervyns CEO John Goodman. "We are confident that the deep discountsavailable through going out of business sales will drivesignificant traffic in our stores."
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