Report: Forever 21 Bids for 150 Mervyns Locations
Los Angeles Fast-fashion retailer Forever 21 Inc. submitted a bid to acquire approximately 150 Mervyns stores for an undisclosed sum, according to the Los Angeles Times.
The bid comes after Mervyns filed for Chapter 11 bankruptcy protection in July. The chain said it planned to shutter 26 of its 175 stores. Forever 21’s offer is for the remaining locations, the report said.
The acquisition would help the fast-growing Forever 21 extend its brand into stand-alone retail spaces that are significantly larger than the majority of its existing 430 stores, nearly all of which are located in shopping malls. Mervyns’ stores average about 80,000 sq. ft.
“Our vision has always been to get a bigger box,” said Christopher Lee, senior VP of Forever 21, according to the report. “We’ve been looking at these assets for many years.”
The privately held Forever 21 had previously tried to buy Mervyns when it was sold by Target Corp. in 2004, Lee said, but it lost out to a group of investors that acquired Mervyns for $1.2 billion.
Forever 21 expects to get an answer of its offer within the next few weeks.
Weis Markets completes rollout of generic Rx plan
SUNBURY, Pa. Weis Markets said it has completed the chainwide rollout of its new generic prescription plan offering a 90-day supply of more than 350 generic prescriptions for $9.99.
The generic prescription plan was introduced in 59 store pharmacies located in Central Pennsylvania, and Northeast Pennsylvania (including Scranton, Wilkes-Barre and the Pocono’s), New Jersey and Elmira, N.Y. This plan is now available in all 118 Weis Markets in-store pharmacies.
The plan was initially introduced in August in 59 Weis Markets pharmacies in Harrisburg, Lancaster and York along with all of its in-store pharmacies in Maryland West Virginia.
“We’re extremely pleased with the strong customer response to our generic prescription plan and have decided to roll it out chainwide. Increasing healthcare and prescription costs remain a huge issue for our customers and their employers. Our generic prescription plan offers strong savings and gives more choices to physicians and customers such as state and federal employees who are often limited to mail order,” said David Hepfinger, Weis Markets president and coo.
Best Buy opens women-focused store
AURORA, Colo. Best Buy’s new store in Aurora, Colo., a suburb of Denver, features skylights, wood paneling and flat-screen televisions in model rooms, in an attempt to appeal more to women shoppers.
Best Buy consulted local female customers for ideas for the store, said Ginger Sorvari Bucklin, Best Buy’s director of Winning With Women. The women consulted said they wanted to see how products could work together and see them in a real-life setting.
The store is also designed to appeal to moms with young children, featuring items like shopping carts shaped like cars.