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Retailing

October 15, 1994|From Times Staff and Wire Reports

Mervyn's Chairman Resigns: The company did not say why Joseph Vesce, 45, stepped down, except that it was by "mutual agreement" and that his resignation was effective immediately. Mervyn's stores are the weak link in Dayton Hudson Corp.'s lineup of retail chains. "It's not surprising," given the problems Mervyn's has had, said retail analyst Dean Ramos of Dain Bosworth Inc. Vesce's departure comes as Mervyn's is gearing up for a pilot project of store renovations and new strategies it hopes will spark a turnaround. Mervyn's, which focuses on moderately priced apparel in its 286 stores, has posted weak sales and profit figures for nearly three years. Nearly 45% of the chain's stores are in California.

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