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Kohl's, Forever 21 pick up 46 Mervyns' locations

December 15, 2008

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Menomonee Falls, Wis.--Kohl's Corp., in a joint bid with Forever 21 Inc., picked up the leases for 46 locations of former department store rival Mervyns at auction.

Kohl's will assume 31 of the locations, and Forever 21 Inc. will take on 15, pending approval by the court overseeing the bankruptcy proceedings of Mervyns, which filed for Chapter 11 bankruptcy protection in July. Teaming up to foot the bill, the two retailers acquired the 46 store locations for about $6.25 million, according to a press release issued on Friday.

"We are pleased with the results of the auction," Kohl's Department Stores President and Chief Executive Officer Kevin Mansell said in a press release. "With over 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."

In fiscal 2009, Kohl's still expects to open approximately 50 stores, including the majority of the 31 former Mervyns locations. The department store chain, which operates 1,004 stores in 48 states, ranked 26th on National Jeweler's 2008 $100 Million Supersellers list of North American retailers that sold $100 million or more in jewelry and watches in 2007.
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