Another Sun Capital Company files Bankruptcy

[localdriver]

Mervyn's Department stores,The Hayward, Calif.-based chain has been shuttering stores and leaving states such as Oregon and Washington since 2005, after a consortium of private equity players including Sun Capital Partners Inc. bought Mervyns from Target Corp. for $1.2 billion.

Mervyns, along with some affiliates, filed for Chapter 11 protection from its creditors in U.S. bankruptcy court for the District of Delaware. According to court documents, Mervyns listed liabilities and assets of $500 million to a $1 billion each, with Levi Strauss & Co. as its largest unsecured creditor.

to bad for Sun Capital .... Wah!!!!!

 

[m3sews]

Too bad for anyone that buys Levis or any of the other products that will tack on yet another price increase to cover their losses. People wonder why our taxes keep going up and the price of items at the store. Co. like Sun Capital are a big reason. They just file bankruptcy and let everyone else foot the bill so they can maintain their bottom line. Maybe there should be a law that when they close a co. their pay is reduced to the same % of a $ that their creditors receive and at the same time their creditors receive their $.