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Value City Files for Bankruptcy; May Close Remaining Stores
 WWD reports that discount retailer Value City is planning to liquidate following a Chapter 11 filing. Value City has 66 stores still open after closing 75 stores in the past ten months.
Value City Department Stores plans to liquidate following the filing of a voluntary Chapter 11 petition in a Manhattan bankruptcy court over the weekend.
After shutting more than 75 stores since December, Value City has 66 units in the Midwest, mid-Atlantic and Southern U.S. The filing estimates both assets and liabilities of between $100 million and $500 million.
According to an affidavit filed by Stephen Darr, chief financial and accounting officer of the Columbus, Ohio-based retailer, for the seven months ended Aug. 31, the retailer posted sales of $288.5 million and incurred losses of $70 million.
Bizjournals.com reports that spokeswoman Kristin Mack said decisions on store closings will be made over the next few weeks. The company employs 4,500 people. This is the latest in a string of store closing announcements that includes Mervyns, Linens-N-Thing and Circuit City.
Posted on October 30, 2008
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