Value City close to a sale

Value City Department Stores LLC could have a new owner soon. Retail Ventures Inc. reportedly reached a nonbinding agreement of interest Monday with an unnamed party to purchase the remaining 89 discount stores it still owns. The buyer and target have 25 days to conduct due diligence and reach a final agreement.

Value City has been on the auction block since last December when Value City's parent company Retail Ventures retained Financo Inc. and CIBC World Markets Corp. to explore the discount department store's strategic options. Columbus, Ohio-based Retail Ventures has been restructuring its holdings for the past year.

It announced Oct. 3 that it was selling 24 Value City stores to Bain Capital-owned Burlington Coat Factory Warehouse Corp. for an undisclosed sum. — Gerald Magpily

See Business First of Columbus
See Auction Block listing (subscription required)
See Auction Block article Dec. 15

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