Retail Roundup: Mervyns Buyout Firms Profit While Employees Lose Jobs, Wal-Mart to Sell iPhone, More

(MoneyWatch)  Mervyns buyout firms profit while employees lose jobs -- Cerberus Capital Management and other private equity investors in Mervyns raked in $250 million from the company's liquidation, yet 18,000 employees facing layoffs are still waiting to see if the retailer will raise enough to secure their accrued vacation pay. Find an interesting recap of how the owners came out on top here. [Source: WSJ and SF Gate]

Wal-Mart to sell iPhone -- The iPhone is coming to the world's largest retailer, but Wal-Mart patrons will have to wait until after Christmas to pick one up. About 2,500 of the mega chain's stores will carry the Apple iPhone 3G as early as Dec. 28. In addition, 69 Sam's Club locations (those using the Wal-Mart ordering system) plan to offer the handset, too. [Source: Boy Genius Report]

Jumping the gun: Stores stay open on Thanksgiving to boost sales -- Retailers trying to get on edge on their competition before Black Friday are leaving their doors open on Thanksgiving in hopes that holiday shoppers will start their spending before Friday's frenzy. Kmart, Big Lots, and Dollar General are among the chains slated to open at least some of their stores on Turkey Day. Other retailers, like Walgreens, are even offering special deals exclusively during Thanksgiving Day. Meanwhile, at select Comp USA locations, staff members will serve pumpkin pie to those choosing to get a little shopping done on Thanksgiving. [Source: Syracuse.com and Fox 16]

Fred Leighton's creditor, Merrill Lynch, looks to shakeup jewelry retailer --- High-profile retailer Fred Leighton has garnered fame for its glamorous diamond-laced jewelry, but business has been anything but sparkling behind the scenes. Merrill Lynch Mortgage Capital Inc. filed a motion in bankruptcy court last week, citing the possibility of a Chapter 7 liquidation by the famous jeweler, whose creations are often worn by celebrities. Worried that Leighton could run out of operating cash by the year's end, Merrill Lynch seeks to replace the firm's owner, Ralph Esmerian, with a "disinterested Chapter 11 trustee." Merrill is charging that Esmerian concealed inventory records and hasn't taken necessary steps to improve the business. [Source: WWD]