NEW YORK — Kohl’s Corp. said Friday it is in a joint bid with Forever 21 Inc. to acquire 46 Mervyns locations for $6.25 million.
Thirty-one of the 46 locations will be assumed by Kohl’s while 15 of the locations will be assumed by Forever 21. Mervyns, a 59-year-old regional department store chain based in Hayward, Calif., announced plans in October to liquidate all 149 locations following its bankruptcy filing in July.
“We are pleased with the results of the auction,” said Kevin Mansell, Kohl’s CEO in a statement released Friday. “With more than 1,000 stores from coast to coast, these locations provide increased presence in under-penetrated markets. We will continue to be opportunistic and prudent in our discussions with the owners of select Mervyns real estate as we continue to position Kohl’s to grow market share.”
Many of the 31 stores acquired will open next year as part of Kohl’s plan to open 50 new doors in 2009.