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Bankrupt Mervyn's launches big sales

October 31, 2008 9:43:45 AM PDT
Mervyn's stores are launching big sales as they prepare to close.The retail chain received court approval to begin liquidating merchandise starting Friday.

Mervyn's filed for bankruptcy protection in July. Facing higher operation costs and the economic crisis, it must close completely rather than restructure.

Mervyn's liquidators estimate the chain's inventory to be worth $900 million.

The sales will likely continue through the holiday season.

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