(Filed Under Fashion News). Fifty-nine year old retailer Mervyn's reported plans to hold "going out of business" sales during the holidays at all of its remaining 149 locations as it begins to wind down business.

The California-based retailer filed for Chapter 11 bankruptcy protection in July, and has plans to offer discounts to drive traffic to its stores.

"We are disappointed with this outcome," said Mervyn's chief executive officer John Goodman. "But the company's declining liquidity position and the extremely challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action."

Despite the outcome, some employees at the fallen retailer said Friday they were determined to bounce back as soon as possible.

Forever 21 has submitted a bid to acquire approximately 150 Mervyn's stores.

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Published 10-20-2008 by Deena Campbell