Menomonee Falls, Wis. Kohl’s prevailed in a joint bid with Forever 21 in an auction of leaseholds held Thursday for Mervyns sites. Together, the retailers acquired 46 locations for approximately $6.25 million. Kohl’s will assume 31 of the locations while Forever 21 Inc. will assume 15, pending approval by the court overseeing Mervyns’ bankruptcy proceedings.
"We are pleased with the results of the auction," said Kevin Mansell, president and CEO for Kohl’s Dept. Stores. "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.