Kohl’s acquires 31 Mervyns locations
-- Home Textiles Today, 12/12/2008 2:18:00 PM
Menomonee Falls, Wis. – In a joint bid with apparel retailer Forever 21, mid-tier merchandiser Kohl’s yesterday made a deal for leaseholds on 31 Mervyns stores.
With 46 sites auctioned at a total price of $6.25 million, Forever 21 will obtain 15 locations and Kohl’s 31.
Kevin Mansell, president and ceo, Kohl’s, said, “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.”
Kohl’s, at No. 5 on the HTT Top 50 Retailing Giants, had 2007 home textiles sales of $1.16 billion. The company operated 929 stores last year and has reached a store count of 1,004 in 2008 – and remains bullish on expansion. In fiscal 2009, Kohl’s said today, it “continues to expect to open approximately 50 stores, including the majority of the 31 former Mervyns locations.”
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