Hayward, Calif.—Mervyns LLC announced today that it has presented its preliminary plan for reorganizing and emerging from bankruptcy to its creditors.
The Creditors Committee, composed of certain major vendors, landlords and other creditors, discussed with the Hayward, Calif.-based department store chain its operational initiatives, cost savings, liquidity position and funding needed to emerge from bankruptcy as a reorganized company.
According to the release, the committee supports the company's restructuring plan.
"We are pleased to be working constructively with the Creditors Committee and to have received this positive response to our preliminary strategic initiatives," Mervyns Chief Executive Officer John Goodman said in a media release. "Additionally, on the operational side, the committee is supportive of the progress we have made to date in realigning our business operations. Our stores are performing above plan, and we have strengthened our relationships with vendors. Mervyns has made great strides in a short time, and we are confident that our restructuring efforts will position the company to compete successfully in the future."
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