Target Sells Mervyn's Stores
Minneapolis-based retailer Target Corp. sold its Hayward, Calif.-based unit Mervyn’s to a private investment group for approximately $1.2 billion.
The investment group includes Sun Capital Partners, Inc., Cerberus Capital Management, L.P. and Lubert-Adler and Klaff Partners, L.P. The deal includes 257 Mervyn’s stores in 13 states.
Mervyn’s credit card unit was also sold for an undisclosed sum to GE Consumer Finance.
Sun Capital also owns several other retail chains including Anchor Blue, Sam Goody and Wickes Furniture.
