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Details on Industry Insight.
Forever 21 and Kohl's teamed up on a successful bid to takeover the leases of old Mervyns locations, Kohl's announced today. Together, the two retailers acquired 46 locations for $6.25 million.
Forever 21 will take 15 of the stores, and Kohl's 31. It was not clear which locations each chain would assume.
The court overseeing Mervyns bankruptcy proceedings has to approve the deal.
Forever 21 and its "cheap chic" apparel and accessories is a competitor for the juniors side of the action sports market.
Mervyns stores are typically standalone, large stores ranging from 65,000 to 85,000 square feet. Mervyns are also usually found in mid-tier strip centers. The size and locations of Mervyns make it in interesting choice for Forever 21.
Forever does have a store in Pasadena that is 40,000 square feet and two levels. The company said on its website that the store is designed for all ages and demographics and has "shop in shop" concepts.