Macerich Co. said Friday that retailers Forever 21 and Kohl's are expected to move into 22 of 41 Mervyns locations it owns once the retailer completes its liquidation sales and closes.
Forever 21 and Kohl's won the right to take over the Mervyn leases in a Dec. 10 auction, a preliminary step to a final bankruptcy court approval expected within the month, Macerich said. Eight of the 22 locations are in Macerich shopping centers.
The Santa Monica mall operator said it purchased 39 Mervyns sites in December 2007 and two sites in first quarter of this year to gain control of well-positioned retail real estate.
Hayward-based Mervyns, which filed for Chapter 11 bankruptcy in July, announced Oct. 17 that it would close its last 149 stores and use proceeds from liquidation sales to pay creditors.
In Los Angeles County, Forever 21 is taking space at the following Macerich centers: Lakewood Center Mall, Los Cerritos Center, and Montebello Town Center. Kohl's is taking space at Macerich's Stonewood Center in Downey, and at three centers not owned by Macerich: Huntington Oaks Shopping Center in Monrovia, Galleria at South Bay in Redondo Beach, and Whittwood Town Center in Whittier.
Macerich shares were up $2.44, or 19 percent, to $14.10 in morning trading on the New York Stock Exchange.
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