Value City Department Stores Bankrupt

[dollardaze]

We will no longer be able to shop at Value City Department Stores as the company 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. 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 almost 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 located in Ohio, Kentucky, Virginia and several other states.

[moneysense]

Thats a real shame because I could find things at Value City that I could find at a lot of the stores at the local mall, and at prices that fit my budget.

I will be sorry to see these stores go. We have on located near us in West Virginia and I guess it will go with the rest of them.

Add to that the fact that many of the local lumber companines have shut down, and several restaurants and there is a big lack of jobs now in the immediate area.

When are there going to be places to take the place of the ones that are no more? Where will these misplaced employees find employment now?

And what a horrible time for them to close down. Right around the holidays. Theres going to be a lot of children who will be very disappointed the Christmas. And thats a real shame.

[Empty Wallet]

another retail chain i read was claiming bankrupcy is "Linen and Things"....i love this store. up here in ct. they are closing 9 stores now, and 300 nationwide, and then they say bankurpcy is next.

so many stores have been closed down and to never come back...

Caldors
Bradlees
Ames
Kmart
[some of them]
Lord and Tailor
Filinees [ now macys]

so many, the dollar stores are the only stores doing any good right now.

[pennypinch]

O wow, I really love Value City. It isn't a store I visit frequently but it always one of my favorite places to shop during the Holidays. I always find great deals there and will really miss the store!