MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MERVYN'S LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1949 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Retailer of
apparel, accessories and house-wares. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: MERVYN'S
LLC
Address:
City:
State/Province:
Zip Code: 94541
Country: UNITED
STATES
Telephone: 510
727-3000
Facsimile: 510
727-2300
Founded
(D/M/Y): / /1949
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees:
23,000
Legal Form: Limited
Liability Company
Website: www.mervyns.com
Maj.
Shareholder: Sun Capital Partners
Business Activity: The Firm is a retailer of apparel,
accessories and house-wares.
NOTE TO CLIENT
A representative
declined to provide any information about the Company, she requested a written
fax to be sent to the Financial Department,
We have sent fax to
the Subject and we are still waiting for a response. Information in the report
could not be confirmed by Management.
LEGAL
Legal Form: Limited Liability
Company
Since (D/M/Y): 27/08/2004
State/Province of
Incorporation: CA
Status: ACTIVE
Previous Legal
Form: None
Company is NOT
required to publish an annual financial report.
The Firm is
organized in
LP/LLC: MERVYN'S
LLC
Number: 200424010002
Date Filed: 8/27/2004
Status: Active
Jurisdiction:
Address: 22301
FOOTHILL BLVD MS 4330,
Agent for Service of
Process:
C T CORPORATION
SYSTEM (C0168406)
Managers/Key
Personnel
Ms. Vanessa
Castagna Chairman Of The Board Of Directors
Mr. Rick Leto President & Chief Executive Officer
Mr. John Serino Vice President and Controller
Mr. Ed Beck Vice President & General Counsel
Mr. Terry
McDonald Vice President - Marketing
OWNERS
Sun Capital Partners % Shareholder
Cerberus
Capital
Shareholder
Lubert-Adler/Klaff Shareholder
AFFILIATED ENTITIES
There are no known
affiliates or subsidiaries.
BANKS
Telephone:
Facsimile:
Account Number:
Account Manager:
No banking
information was obtained.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
ADVERTISNG 07-08 00-00 NET 30 0
0 0 0
0 0 0
CUST 4 YR
ADVERTISNG 07-07 05-12 NET 15 1600
0 0 0
0 0 0
PROMPT
AIR TRANS
07-07 07-07 0000000 135600
135600 100 0 0 0 0
CUST 24 YR
APPAREL
07-08 07-08 NET 30 12550300
1658000 93 7
0 0 0
APPAREL
07-08 00-00 NET 30 1841200 1532000
82 18 0
0 0
APPAREL
07-08 73-08 VARIED 2633100 1420500
60 40 0
0 0
APPAREL
07-07 07-07 NET 30 2768400 959600
50 50 0
0 0
APPAREL
07-08 00-00 NET 70 466200 122700
84 16 0
0 0 CUST 99 YR
APPAREL
07-08 07-07 0000000 2124400
2300 0 0
19 0 81
CUST 5 YR
BLDG MATRL 07-06 07-04 CREDIT 50000
500 100 0 0 0 0
BUREAU
07-08 07-08 VARIED 0 0
0 0 0
0 0 CUST
8 YR
COMPUTERS
07-06 00-00 CREDIT 20000 0
0 0 0
0 0
CONSTRUCTN 07-08 00-00 ROI 0
0 0
0 0 0 0
ELEC EQUIP 07-07 07-07 CONTRCT 9700 8800
46 45 0
0 9
ELEC SUPLR 07-06 00-00 NET30 2200
100 100 0 0
0 0
EQUIPMENT
07-08 06-09 COD 0 0
0 0 0
0 0
FACTOR
07-06 00-00 VARIED 11306200
10802200 74 26 0
0 0
FACTOR
07-08 00-00 NET 30 0 0
0 0 0
0 0 CUST
7 YR
FACTOR
07-07 04-10 NET 30 0 0
0 0 0
0 0
FACTOR
07-07 06-06 NET 30 27500 0
0 0 0
0 0
FACTOR
07-07 00-00 NET 30 0 0
0 0 0
0 0 CUST
4 YR
FINCL SVCS 07-07 06-10 VARIED 100
0 0 0
0 0 0
FINCL SVCS 07-07 00-00 NET 0
0 0 0
0 0 0
CUST 3 YR
FIREPROTEC 07-07 00-00 NET 30 0
0 0 0 0 0 0
FLOOR COVR 07-06 00-00 VARIED 0
0 0 0
0 0 0
CUST 6 YR
FOOD
07-04 00-00 NET 30 200 100
100 0 0 0 0
FOOD DISTR 07-07 07-07 VARIED 37900
19700 100 0
0 0 0
FOOTWEAR
07-04 07-03 VARIED 10749400
4845400 74 26
0 0 0
FREIGHT
07-04 00-00 VARIED 12600 0
0 0 0
0 0
GENERAL
07-07 00-00 CONTRCT 0
0 0 0
0 0 0
GENL MERCH 07-06 06-12 CREDIT 5000
100 47 23
1 29 0
ACCTCLOSED
GIFTWARE
07-04 00-00 NET 30 2900 0
0 0 0
0 0 CUST
2 YR
GIFTWARE
07-08 00-00 CONTRCT 154900
2200 0 0
0 0 100
GRPHIC ART 07-07 00-00 NET30 0
0 0 0 0
0 0 CUST 12 YR
HTNG SUPLR 07-05 03-10 1%30NET 0 0
0 0 0
0 0 CUST
4 YR
HEATNG& A/C 07-08 00-00 NET 30 706600
72000 0 0
100 0 0
HOUSEWARES 07-07 01-05 NET 30 0
0 0 0
0 0 0
INTERIORDC 07-08 00-00 NET 30 3300
0 0 0 0 0 0
MACH DISTR 07-07 07-06 1/10N30 700 600
100 0 0 0
0 CUST 6 YR
MACHINERY
07-08 06-07 NET 30 1300 0
0 0 0
0 0
NEWSPAPERS 07-07 06-01 NET 30 4000
0 0 0
0 0 0
NEWSPAPERS 07-07 00-00 NET 10 63400
0 0 0
0 0 0
NEWSPAPERS 07-08 06-04 VARIED 9382000
0 0 0
0 0 0
NEWSPAPERS 07-08 06-11 NET 21 95000
0 0 0
0 0 0
NEWSPAPERS 07-08 00-00 NET 30 302100
175200 100 0
0 0 0
PACKAGING
07-08 03-10 NET 30 6200 100
0 0 100 0
0 CUST 9 YR
PAPER PROD 07-05 01-01 NET 10 0
0 0 0
0 0 0
PERSNLSVCS 07-08 07-01 ROI 104000
0 0 0
0 0 0
PETROLEUM
07-08 05-06 NET 30 25000 0
0 0 0
0 0
PLUMBING
07-05 00-00 NET30 0 0
0 0 0
0 0 CUST 11 YR
PLUMBING
07-05 00-00 NET30 0 0
0 0 0
0 0 CUST 10 YR
PLUMBING
07-04 00-00 NET30 0 0
0 0
0 0 0 CUST 9 YR
RENTALS
07-06 07-04 NET 30 7900 0
0 0 0
0 0
SAFTY PROD 07-05 00-00 NET 30 300
0 0 0
0 0 0
CUST 10 YR
SHOES
07-07 00-00 NET 30 629400 305600
98 2 0
0 0
SPORT GDS
07-08 07-06 VARIED 48400 22800
100 0 0 0 0
TEMP HELP
07-08 00-00 NET 30 44900 0
0 0 0
0 0
TELECOM
07-07 00-00 NET 30 60900 47900
27 38 33
2 0
TIRES
07-07 97-04 VARIED 0 0
0 0 0
0 0
TOYS& GAMES 07-08 07-08 VARIED 500000
30300 96 0
0 0 4
TRANSPORTN 07-07 00-00 VARIED 0
0 0 0
0 0 0
CUST 7 YR
TRNS EQUIP 07-08 00-00 NET 30 0
0 0 0
0 0 0
CUST 5 YR
TRUCK DLR
07-08 00-00 CONTRCT 311500
220700 52 11
3 2 32
UTILITY
07-05 98-05 NET 15 44600 44600
59 41 0
0 0 SATSFTRY
UTILITY
07-07 00-00 NET 15 22600 3500
100 0 0 0 0
WAREHOUSE
07-08 04-06 VARIED 0 0
0 0
0 0 0
ACCTCLOSED
ADVERTISNG 05-03 05-02 NET 30 35600
26700 0 100 0
0 0
ADV MEDIA
07-03 00-00 NET 30 115300 115300
59 0 0
0 41
AIR TRANS
06-11 00-00 NET 30 1800 200
64 36 0
0 0 CUST 15 YR
APRL COATS 06-04 06-03 N10 EOM 10863300
92000 80 19
0 1 0
CUST 12 YR
COMPUTERS
06-06 06-05 0000000 50700
50700 0 31
69 0 0
CRED CARD
06-11 00-00 NET 0 0
0 0 0
0 0 CUST 10 YR
CRED CARD
06-08 00-00 REVOLVE 0
0 0 0
0 0 0
ACCTCLOSED
CRED CARD
06-08 06-07 N30PRXO 100
100 100 0 0
0 0 CUST
3 YR
ELEC SUPLR 04-08 04-02 2/10N30 600 0
0 0 0
0 0
ELEC SUPLR 05-04 00-00 VARIED 0
0 0 0 0
0 0
FACTOR
05-02 03-10 NET 30 0 0
0 0 0
0 0
FACTOR
07-02 04-07 NET 30 0 0
0 0 0
0 0
FACTOR
06-09 99-04 NET 30 0 0
0 0 0
0 0
FACTOR
06-09 00-00 NET 30 0 0
0 0 0
0 0
FACTOR
05-01 00-00 NET 30 9700 2400
0 0 100 0
0
FINCL SVCS 04-10 00-00 COD 2000
200 0 100 0
0 0
FOOD DISTR 06-02 05-03 VARIED 3273400
0 0 0
0 0 0
CUST 9 YR
FREIGHT
05-02 00-00 NET30 400 400
100 0 0 0
0 CUST 10 YR
FREIGHT
05-12 02-07 VARIED 0 0
0 0 0
0 0
FRGHT FWRD 06-01 00-00 NET 30 125700
4400 6 24
22 30 18
GENERAL
05-02 04-10 VARIED 2100 2100 42
38 11 7
2 CUST 3 YR
GIFTWARE
07-03 05-11 NET 30 0 0
0 0 0
0 0 CUST 10 YR
GIFTWARE
04-08 00-00 NET 30 0 0
0 0 0
0 0 CUST
5 YR
HTNG SUPLR 06-05 06-04 VARIED 1155900
273600 82 18 0 0 0
HOUSEWARES 07-01 06-11 VARIED 417600
417600 75 22
0 3 0
JEWELRY
05-12 00-00 NET 60 0 0
0 0 0
0 0
LEASING
04-08 04-07 N30 100
100 0 0
100 0 0
LEASING
04-09 04-08 VARIED 1900 1900
0 100 0 0 0
LEASING
05-12 00-00 CONTRCT 1200
1200 100 0 0
0 0
LEASING
05-01 04-12 NOTE 3700 1700
100 0 0 0 0
LUGGAGE
05-01 04-08 VARIED 500000 43400
29 71 0
0 0
LUMBR& WOOD 07-02 07-02 VARIED 75300
21700 100 0 0
0 0 CUST
5 YR
MANUFCTRNG 05-03 05-02 VARIED 500
500 100 0 0
0 0
MISC MANUF 06-01 00-00 VARIED 900
0 0 0
0 0 0
NEWSPAPERS 05-08 00-00 NET 15 251800
3000 100 0 0
0 0
NEWSPAPERS 04-12 00-00 NET 15 67400
67400 47 53
0 0 0
NEWSPAPERS 05-07 05-04 NET 15 100000
6000 0 0
100 0 0
NEWSPAPERS 05-03 00-00 NET 30 258200
145600 100 0 0
0 0
NEWSPAPERS 05-04 00-00 DISCNT 36500
0 0 0
0 0 0
NEWSPAPERS 05-03 00-00 NET 30 52400
19000 100 0 0
0 0
OFFC SUPPL 06-07 06-04 DISC 100000
0 0 0
0 0 0
HLDG-ORD
OFFC SUPPL 06-03 02-07 VARIED 0
0 0 0 0 0
0 CUST 4 YR
OFFC SUPPL 06-12 06-11 NET 30 3800
3700 98 1
1 0 0
CUST 16 YR
OFFC SUPPL 07-01 04-08 CREDIT 4100
0 0 0
0 0 0
OFFC EQUIP 06-02 05-04 NET 30 1300
1000 0 0
0 0 100 CUST
1 YR
PACKAGING
06-01 04-07 NET 30 100 0
0 0 0
0 0
PACKAGING
06-10 06-06 1/10N30 63200
0 0 0
0 0 0
PAINTS
04-12 00-00 VARIED 300 300
100 0 0 0 0
PAINTS
05-12 05-10 VARIED 200 0
0 0 0
0 0 CUST
1 YR
PLUMBING
05-03 00-00 NET30 0 0
0 0 0
0 0 CUST
8 YR
PLUMBING
05-07 00-00 NET30 0 0
0 0 0
0 0 CUST
5 YR
PLUMBING
05-04 00-00 NET 30 0 0
0 0 0
0 0
PRNTG& PUBL 05-11 00-09 NET 30 0
0 0 0
0 0 0
CUST 11 YR
REFRIG
06-01 00-00 NET 30 0 0
0 0 0
0 0
RENTALS
05-11 00-00 NET 10 400 400
100 0 0 0 0
SERVICES
06-04 02-07 VARIED 866000 0
0 0 0
0 0
TEMP HELP
06-11 06-08 ROI 81800 10500
0 0 0
0 100
TEMP HELP
06-04 00-00 VARIED 200 100
0 0 0
0 100 CUST 2 YR
TELECOM
05-07 05-07 NET 30 100 100
100 0 0 0
0 EXLENT ACC
TELECOM
07-05 07-01 NET 30 5700 100
0 0 0
0 100 PAYS-SLOW
TELECOM
04-09 03-09 NET 30 0 0
0 0 0
0 0 CUST
6 YR
TELECOM
07-03 00-00 NET 30 100 100
92 8 0
0 0 DISPUTE
TELECOM
07-04 07-03 NET 30 100 0
0 0 0
0 0 EXLENT ACC
TRUCK EQP
06-09 00-00 N30 0 0
0 0 0
0 0 CUST
7 YR
CURRENT QUARTER 57248900 22433300 75 25
0 0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070800
0 10 3 30890500 82 18
0 0 0
20070700
0 10 4 21033600 76 24
0 0 0
20070600
0 10 7 20477400 70 26
2 1 1
20070500
0 9 5 26210000 78 20
1 0 1
20070400
0 8 4 26567200 83 15
1 0 1
20070300
0 8 6 21707300 79 16
3 1 1
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 5 22451700 75 23
1 0 1
First
2007 5 25772200 80 16
2 1 1
Fourth
2006 6 28848800 78 16
3 2 1
Third
2006 7 24419200 74 20
4 1 1
Second
2006 3 22802200 79 20
1 0 0
FINANCIAL INFORMATION
No financial information
was obtained from the Company. Other outside sources consulted could not
provide any further insight into the financial condition of this firm.
HISTORY
The Firm was founded
by Mervin Morris in 1949, opening the first store in
In 2004 former
parent; Target sold the Firm to an investment consortium of: Sun Capital
Partners, Cerberus Capital, and Lubert-Adler/Klaff for US$ 1.2 billion.
CURRENT OPERATIONS
NAICS Code: 448
Clothing and Clothing Accessories Stores
NAICS Code: 45
Retail - Books, Sporting Goods, General Merchandise
Number of
Employees: 23,000
Business Activity:
The Firm is a
retailer of apparel, accessories and house-wares.
The Firm operates
about 173 department stores in
The heading address
is the Firm's headquarters. The Firm operates 173 stores in 8 states.
PUBLIC RECORD
There were no legal
filings found against the Company.
A search of
bankruptcy courts revealed no record of a Company by this name filing for
bankruptcy.
GENERAL COMMENTS
The Subject appears
to be a well established retailer of apparel, accessories and house-wares,
founded in 1949. Payment history was satisfactory and no adverse information
was traced. The Company is considered responsible for normal business
transactions.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)