Learning from The Past Behind Mervyns Closing
Learning from the past is not bad idea because we can take the benefit and the thing that is not allowed us to do. We should learn from the experience hopefully not our experience but the other experience. We can learn the same thing in the bad experience like the person who is involved because of the ease of finding information because of the knowledge era. Thanks to the internet for providing such valuable information for FREE.
Still watching the crisis happening, and just a few days ago, Linens N’ Things announced that it would liquidate all of its stores. Now, Mervyns LLC is planning on closing all 175 of its department stores. The Mervyns closing has been the headline news in this week because of the huge they are to be closed in this crisis time. The California-based retailer initially filed for Chapter 11 bankruptcy on July 29th, and planned on restructuring its business to keep all of its stores open. How ironic to see the huge retailer company also can’t stand to face the derivative based crisis. Did the company also involved in derivative? Only Mervyn’s employees and the owner know what happened to them.
But apparently, that didn’t work out so well for them to stand, so they declared bankruptcy. Though the company has not made an official announcement of the closings, insiders suggest that the company would do so late Friday. Let’s wait for the Mervyns closing event.
What is the reason of the closing? It is not released from the main economic problem, it is really stupid. Californians have been the hardest hit by the housing crisis, and they don’t have the money to spend in mid-level department stores when there are cheaper alternatives. What a bad choice for the Californians.