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 Department 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, the company continues to expect to open approximately 50 stores, including the majority of the 31 former Mervyns locations.