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Going Out of Business

It's happening.... After 59 years in business, the Mervyns department-store chain called it quits Friday -- promising a huge going-out-of-business sale just in time for the holidays. And there is plenty of competition for a close-out Christmas. Linens 'n Things Inc. began a liquidation sale Friday, and Shoe Pavilion Inc. starts one this weekend, according to firms that said they were hired to liquidate the stores. Already gone are the novelty retailer Sharper Image Corp., Wickes Furniture and Levitz Furniture, and retail experts say more closings loom. "This is unprecedented, really, the number of stores that are going to be closing," said Daniel Kane, principal of Tiger Capital Group, one of several firms hired to liquidate Linens 'n Things and Shoe Pavilion...continue to full post

Full post as published by Crime & Federalism on October 19, 2008 (boomark / email).