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Mervyns may be in financial trouble

July 22, 2008 12:54:30 PM PDT
Mervyns could be the latest company in financial trouble.The Wall Street Journal reports Mervyns is preparing to file for bankruptcy protection.

Mervyns operates 177 stores, with most of them in California.

The Journal says vendors have delayed merchandise shipments and key lenders have stopped approving orders.

Back in 2005, Mervyns began closing stores, claiming it could not compete with high-end department stores and discount retailers.

 

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