MENOMONEE FALLS, Wis. -- Kohl's Corporation announced Friday that it is acquiring 31 Mervyns locations in an auction.
There were 46 Mervyns sites up for auction in a joint bid between Kohl's and Forever 21, Inc. Kohl's got 31 locations and Forever 21, Inc. assumed 15 for a total of about $6.25 million. The acquisitions are pending approval by the court overseeing Mervyns bankruptcy proceedings.
In 2009, Kohl's expects to open about 50 new stores, including the majority of the 31 former Mervyns locations.
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