Menomonee Falls, Wis. Kohlâ€™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. Kohlâ€™s will assume 31 of the locations while Forever 21 Inc. will assume 15, pending approval by the court overseeing Mervynsâ€™ bankruptcy proceedings.
"We are pleased with the results of the auction," said Kevin Mansell, president and CEO for Kohlâ€™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 Kohlâ€™s to grow market share."
In fiscal 2009, Kohlâ€™s still expects to open approximately 50 stores, including the majority of the 31 former Mervyns locations.