HAYWARD, Calif., Sept. 2 /PRNewswire/ -- The completion of the acquisition of Mervyn's from Target Corporation by an investor group consisting of Sun Capital Partners, Inc., Cerberus Capital Management, L.P., and Lubert-Adler and Klaff Partners, L.P. was announced today. Additionally, Mervyn's credit card receivables, totaling approximately $475 million, have been acquired by GE Consumer Finance, a unit of General Electric Company. Mervyn's, a leading promotional neighborhood department store, will continue to operate 257 stores and four distribution centers in 13 states, primarily in the western and southwestern regions of the United States. Based in the San Francisco Bay Area, Mervyn's will function as an independent company. "Mervyn's has an opportunity to differentiate itself within the mid-level retail market," said Michael Kalb, a principal with Sun Capital. "We want customers to leave the stores not only completely satisfied, but with money left in their pockets to take care of the other needs their families may have." "Mervyn's has made significant strides to elevate its brand by offering its guests an enhanced in-store experience, new merchandise, and exclusive celebrity partnerships," said Diane Neal, president of Mervyn's. "Our investors bring an expertise and additional resources that will allow us to build on existing successes and take advantage of new opportunities." About Mervyn's Mervyn's LLC, headquartered in the San Francisco Bay Area, is a family-friendly promotional neighborhood department store offering trend-right fashions and home decor for the entire family at affordable prices. With 257 locations in 13 states, Mervyn's has a well-earned reputation for its extensive selection of national and private-label fashions and housewares. Community giving has been a cornerstone of the company's business since 1949, with a focus on improving the lives of children and families by giving back to educational programs in its communities. For a list of store locations, or for additional information, visit Mervyn's website at http://www.mervyns.com. About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on investments in market leading companies. Sun Capital has invested in approximately 70 companies with combined sales in excess of $9.0 billion. In addition, Sun Capital has more than $1 billion of capital under management. Sun Capital has extensive retail investments including Sam Goody, SunCoast, Media Play, Anchor Blue, MOST, Wickes Furniture, Bruegger's Bagels, Nationwide Mattress and Furniture Warehouse and The Mattress Firm. For more information about Sun Capital, visit http://www.SunCapPart.com. About Cerberus Capital Management, L.P. Headquartered in New York City, Cerberus Capital Management, L.P. and its affiliated entities manage funds and accounts with capital in excess of $14 billion. Recent acquisitions by Cerberus and its affiliated companies include Teleglobe, Alamo and National Car Rental, Fila Sportswear and Aozora Bank in Tokyo. About Lubert-Adler and Klaff Partners, L.P. Lubert-Adler manages four real estate funds with $2.5 billion in equity capital and $7.0 billion in total assets under management. Investors in the fund include leading endowments and pension funds. Through its joint venture with Klaff, Lubert-Adler seeks to make real estate investments in retail businesses, as well as other value added situations. Lubert-Adler is headquartered in Philadelphia, with an office in Los Angeles; Klaff is headquartered in Chicago. Acadia Realty Trust, through its affiliates, has joined as an investor through Lubert Adler and Klaff Partners, L.P. SOURCE Mervyn's LLC -0- 09/02/2004 /CONTACT: Greg Terk of Mervyn's LLC, +1-510-727-2634/ /Web site: http://www.SunCapPart.com http://www.mervyns.com / CO: Mervyn's LLC; Sun Capital Partners, Inc.; Cerberus Capital Management, L.P.; Lubert-Adler and Klaff Partners, L.P.; Target Corporation ST: California IN: REA SU: TNM -0- Sep/02/2004 18:10 GMT
Mervyn's Acquisition Completed
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