As expected, Mervyn’s department stores filed for bankruptcy last week, seeking Chapter 11 reorganization protection. The company based in Hayward, Calif., said it had "no immediate plan to close stores."

Mervyn’s listed its total assets and liabilities at between $500 million and $1 billion, mostly to clothing suppliers. The company says it has a commitment for $465 million in financing from a group of lenders led by Wachovia Capital Finance Corp. to fund operations while the company is in bankruptcy.