Retail Ventures May Have Buyer for Value City
Jenny Heinzen York -- Home Accents Today, January 7, 2008
Multi-format off-price merchandiser Retail Ventures Inc. (RVI) may be on the verge of selling all or part of its struggling Value City discount division.
The company said it has entered into "a non-binding indication of interest with a third party for the possible acquisition" of some or all of the controlling interest in Value City Department Stores LLC. There is a 25-day exclusivity period, and no guarantee of any transaction, the company noted.
RVI said that any such transaction would have no effect on its Oct. 3 agreement to sell or sublease up to 24 Value City locations to Burlington Coat Factory Warehouse Corp.
There are 113 Value City locations; RVI also operates 36 Filene's Basement stores, 250 DSW footwear outlets and 339 other footwear departments at other retailer's locations.