July 16, 2001,
Value City gets offer for Filene's Basement
Off-price retailer Value City received an offer of $200 million for its DSW Shoe Warehouse and Filene's Basement units and other assets from Schottenstein Stores Corp. In addition to the cash offer, Schottenstein would assume the $75 million in debt from Value City. Schottenstein owns about 54 percent of Value City.
Federated relaunches Macys.com
New Bon Marche format still on schedule
The new Bon Marche store format announced by Federated eight months ago is still set to open in Helena, MT, this fall. A single-story freestanding building of 65,000 square feet currently under construction, the store will have an upscale visual appeal with a full-line department store offering, the company said. The soft opening will be on Oct. 24, while the grand opening will take place Nov. 1. Some of its features include large shopping carts and signage, wide aisles and centralized registers.
Saks Inc. buys Wards locations
Saks Inc. has acquired two store locations from Montgomery Ward & Co. A 91,400-square-foot store in Rochester, MN, will be renovated and reopened as a Carson Pirie Scott location in fall 2002. A 148,900-square-foot location in Ashwaubenon, WI, in Metropolitan Green Bay, will reopen as a Younkers store in either late 2002 or in 2003.