Mervyns seeks new president as Leto departs
December 12, 2007,
Hayward, Calif. – Less than a year after taking on the top executive duties at Mervyns, Rick Leto has resigned from the 189-unit promotional department store chain, effective Friday, Dec. 14.
Ranked at No.25 on the HTT Top 50 Retailing Giants list, Mervyns had 2006 home textiles sales of $193 million. The chain was acquired from Target Corp. in 2004 by a private investment group led by New York-based Cerberus Capital Management.