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Bankruptcy Rumors Surround Stila Cosmetics
Fashionista is reporting that Stila may have filed bankruptcy. Fashionista says Stila employees arrived at offices earlier this week to closed doors.
The story goes like this: The beauty brand, which is a favorite with beauty editors but is a little bit of a harder sell with girls that like bright colors on their faces, was sold by Estee Lauder to Sun Capital Partners in 2006, which means the products are only really available at Ulta and Bloomingdale's besides beauty mecca Sephora.
We hear employees were given little advance notice, and arrived to offices that were shut yesterday morning.
Several attempts to contact Stila via e-mail and phone calls went unanswered.
A maintenance notice on Stila's website seems to indicate there may be a problem at Stila - although it does say they will "be back soon." Google's cache indicates the maintenance message has been there for at least five days, since March 31st.
Estee Lauder sold Stila to Sun Capital Partners, an equity and hedge fund firm, in 2006. Sun Capital Partners also owned Mervyn's, which filed bankruptcy earlier this year. Sun Capital Partners also owned Drug Fair stores which just recently filed for bankruptcy. Hopefully, Stila was not the next closure on Sun Capital's list.
Posted on April 4, 2009
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Forever 21 to Open Large Prototype Store in California
WWD says Forever 21 plans to open an extra-large prototype store in California this year. The 80,000-square-foot store is a space Forever 21 acquired from Mervyns and will be double its average store size.
The privately held retailer aims to open an estimated 80,000-square-foot store at Los Cerritos Center, a Macerich-owned mall near Los Angeles, in late 2009. The space was acquired as a result of the liquidation of Hayward, Calif.-based retailer Mervyns.
The concept will feature a brightly lit floor space with women’s and men’s apparel divided by look — vintage, casual or avant-garde, for example — surrounded by accessory walls along the indoor perimeter.
"It's a way to use our fast-fashion heritage to offer more categories for more customers," said senior vice president Larry Meyer. "We're bringing in larger sizes, a more enhanced shoe collection, lingerie and more categories."
Fast-fashion retailer Forever 21 carries a large volume of merchandise in its stores so filling a store twice a big will be quite a challenge. L.A. architect Jas Nakaoka told WWD, "We have to make it a new store, a non-department style store in a department store-sized space. We fight about it; it hasn't been easy. But it will be just right. Nobody has ever done this before."
Forever 21 grabbed 15 of Mervyn's locations following the company's bankruptcy filing and liquidation so if the prototype store works they could repeat it at other locations.
Posted on February 17, 2009
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Founder's Son Purchases Mervyn's Name
Mervyn's shut dow last year and ran going-out-of-business sales but the brand could make a return. The Wall Street Journal reports that the son of founder Mervin Morris has purchased the Mervyn name along with its Internet-related intellectual properties.
John Morris, the son of the department store chain's founder, Mervin Morris, along with his two brothers Jeff and Jim, agreed to purchase the defunct retailer's moniker and all of its Internet-related intellectual properties, in a sale that closed Tuesday afternoon.
The goal is to put the Mervyn's name back on consumer's radar screens.
"It's great to have it back in our family after 31 years," said Morris, principal of Morris Management, a private equity and real estate investment company. "We strongly believe we have a very strong, loyal base of families in the Western states that would support Mervyn's."
While the Morris family took the moniker and the Internet-related intellectual properties, four other parties secured most of Mervyn's house brand portfolio at a bankruptcy auction, said Gabe Fried, founder of Streambank, a boutique intellectual property consultancy firm retained for the sale.
The information on the Mervyns.com site is still about the company going out of business but that could change if the Morris family decides to relaunch it as an online store.
Posted on February 10, 2009
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Kohl's and Forever 21 Grab 46 Mervyn's Stores
Kohl's and Forever 21 acquired 46 Mervyn's locations for approximately $6.25 million in an auction of Mervyn's leaseholds held yesterday. Kohl's will get 31 of the locations while Forever 21 will obtain 15, pending approval by the bankruptcy court. Mervyn's announced liquidation in October.
Retailer Daily says that Kohl's plans to open 50 new stores in 2009 - some of the stores will be in the former Mervyn's locations. Retailer Daily also notes that Kohl's recently cut exclusive licensing deals with teen brands Mudd and Hang Ten.
Posted on December 12, 2008
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Mervyn's to Hold Going Out of Business Sales
Mervyn's has become the latest retailer to announce liquidation. Marketwatch reports that Mervyn's will be holding big "going out of business" sales during the holidays at all of its 149 locations. The company is promising deep discounts at these sales.
"We are disappointed with this outcome," said Mervyn's Chief Executive John Goodman. "Although we took a number of steps to improve our financial performance, we were unable to return the company to profitability."
Mervyn's joined other retailers such as Linens 'n Things that decided to fold their operations after the financial-sector meltdown squeezed off sources of financing for companies across the board, let alone struggling chains seeking a turnaround, analysts have said. Mervyn's deep discounts during the holidays, the industry's biggest selling period, are also expected to further pressure rival department stores and other retailers that already are headed for their worst holiday season, by some measures, in 17 years.
Linens 'N' Things is also liquidating all of its stores. They began their closing sales today.
Posted on October 17, 2008
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Mervyn's Files Bankruptcy
Mervyn's department store has filed
for Chapter 11 bankruptcy.
The economy claimed another large retail victim Tuesday when the $2.5 billion Mervyns filed a voluntary Chapter 11 petition for bankruptcy court protection in Delaware.
The filing further dramatizes the treacherous nature of the current retail climate, and its close links to the health of the housing market and the price of gas. The 59-year-old Mervyns was once a star of the booming California market, and for years dominated the retail scene in many of the areas in which it operated. Mervyns currently has 177 stores in seven Southwestern states.
The California-based midtier department store chain said it will reorganize its business and continue to operate as the company moves through the restructuring process. Mervyns follows the likes of Steve & Barry's, Goody's Family Clothing Inc., Fortunoff, Linens-N-Things and Sharper Image into bankruptcy, although many industry executives predict there will be more retailers filing for Chapter 11 in the months ahead unless the economy makes an unexpected turnaround.
The Hayward, Calif.-based Mervyns said it has secured a $465 million debtor-in-possession financing facility from a lender group led by Wachovia Capital Finance Corp. The DIP ensures vendors that ship goods during the post-petition period will get paid. Those with outstanding balances with the retailer will have no such assurances.
The company hopes to reorganize by selling some store locations, restructuring its debt and regaining the trust of its creditors. It's also possible that the chain could be bought, but so far we haven't heard of any buyers who are interested.
Posted on August 4, 2008
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