Business news digest

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Mervyns LLC chain files for bankruptcy protection

NEW YORK — Department store chain Mervyns LLC filed for Chapter 11 bankruptcy protection Tuesday, the latest merchant to become a casualty in a harsh retail environment.

The Hayward, Calif.-based chain, along with certain of its affiliates, filed for protection from its creditors in U.S. bankruptcy court for the District of Delaware. It said that all of its stores will remain open and business will continue as the company reorganizes.

The privately held retailer, which had been languishing for several years, operates about 175 locations in seven states but primarily in California.

Teck Cominco is buying Fording Canadian Coal Trust

CHARLESTON, W.Va. — A global consolidation of the coal industry is shifting into overdrive.

Mining giant Teck Cominco said Tuesday it will buy up all of the Fording Canadian Coal Trust for close to $14 billion in cash and stock. The deal is just the latest in a growing string of giant acquisitions centered on coking coal, a key raw material for certain steel mills.

Coking coal prices have gained more than 50 percent since April 1 to $250 a ton or more, driven by tight supplies and demand from China, India, Russia, Europe and Brazil.

Associated Press