There were growing indications retailer Mervyn’s would file for bankruptcy by today (July 28), though it was unclear whether the company planned to file for reorganization protection or liquidation. In either event, at least some store closures are anticipated.

The privately-owned 177-store chain, based in Hayward, Calif., has three Tucson locations: 4510 N. Oracle Road in Tucson Mall, 5555 E. Broadway and 3660 S. 16th Ave.

Mervyn’s financial problems stem from it losing financing from CIT Group Inc. and GMAC for merchandise shipments. Suppliers stopped shipments to the retailer for fear of not being paid.

The Mervyn’s chain was acquired for $1.2 billion from Target Corp. in 2004 by a group of private investors that included Sun Capital and Cereberus Capital Management.

Mervyn’s officials refused to comment on the growing bankruptcy speculation. In Tucson, commercial real estate agents said they suspect the Tucson Mall and East Broadway stores are less likely to be candidates for closure in a reorganization.

Ownership of the Mervyn’s Tucson Mall building was one of 43 acquired for $430 million last year by the Macerich Co., parent of Westcor. Although Tucson Mall is owned by mall competitor General Growth Properties, Macerich officials said the acquisitions were good real estate investments.

The Mervyn’s store at East Broadway and Craycroft Road is still owned by Target Corp.’s real estate division. And the southside Mervyn’s store, near Interstate 19 and Ajo Way is owned by a private investment group headquartered in Beachwood, Ohio.

An investor who’s part of a group that owns Mervyn’s store real estate said his group has already been contacted by Walmart expressing interest in using the facility for an 80,000- square-foot prototype store it is developing.

Contact reporter Ed Egger at eegger@azbiz.com or (520) 295-4238.