Mervyn's closing 26 stores this fall to cut losses

Source: Reuters

SAN FRANCISCO, Aug 14 (Reuters) - Regional U.S. department store chain Mervyn's LLC, which filed for bankruptcy protection last month, said on Thursday it would shut 26 of its 176 stores by November.

The privately held mid-tier retailer, which operates in Western states, cites problems in the housing market and tighter credit for causing customers to cut back on spending.

The store closures will be mostly occur in California and Texas, with some stores closing in Nevada and Arizona. The company is also shuttering its only store in Idaho.

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"It was very surprising. We were hoping to stay open for business," Alvarez said. "We have no information whatsoever. The company is trying to figure out what we're going to do."

Read more: http://www.reuters.com/article/bondsNews/idUSN1438151320080814?sp=true

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