Retail Ventures selling 24 Value City units
October 4, 2007-- Home Textiles Today,
Columbus, Ohio – Multi-format operator Retail Ventures Inc. (RVI) will sell (“assign or sublease”) 24 of its discount chain Value City Department Stores locations to Burlington Coat Factory in spring 2008, with proceeds directed toward reducing the debt of Value City, the lagging unit among RVI’s three divisions.
RVI said the 24 locations will continue to operate until closing by the end of March 2008. The company had previously noted it was exploring strategic alternatives for Value City (2006 sales $1.3 billion), which will continue to operate 89 stores after the pending sale.
The company said operations at the DSW (footwear) and Filene’s Basement (off-price) divisions will not be affected, nor will the separately owned Value City Furniture Stores chain.