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Mervyns Files Chapter 11

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California-based department store Mervyns has filed for Chapter 11 bankruptcy protection. Per DNR: "The company said it plans to restructure its operations. The retailer received a $465 million debtor-in-possession financing facility from a lender group led by Wachovia Capital Finance Corp." CEO John Goodman told the pub: “After careful consideration of available alternatives, the company’s management board determined that a Chapter 11 filing was a necessary and prudent step that allows us to operate our business without interruption..." [DNR]