YOUR CITY COLUMBUS :: VALUE CITY FILES FOR BANKRUPTCY, will be CLOSING SOON
POST by NVus
By Marla Matzer Rose
THE COLUMBUS DISPATCH
COLUMBUS - Value City Department Stores filed for bankruptcy yesterday, saying it plans to close its remaining stores as it faces declining sales and an “increasingly competitive” environment for discount retailing.
The move came three days after a company spokeswoman declined to confirm that the chain, which was down to 30 stores after announcing the closure of seven stores last week, planned to go out of business. Value City laid off hundreds of workers last week in its Columbus offices and distribution centers.
Value City grew from Schottenstein’s, the off-price closeout retailer that originated in Columbus nearly 100 years ago. Retail Ventures Inc., controlled by Jay Schottenstein, paid a group of private equity investors $500,000 in January to take the struggling chain off their hands.
There are two remaining Value City stores in Columbus, which will close in the coming weeks along with the other remaining stores in Ohio, Kentucky, Virginia and several other states.
VIA DISPATCH
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