Value City Files For Bankruptcy

[Purveyor]

The ailing Value City Department Stores chain has filed for bankruptcy protection as it prepares to shutter its stores.

The company filed the Chapter 11 application Sunday in U.S. Bankruptcy Court’s Southern District of New York, asking the court to approve an agreement with liquidation firm Tiger Capital Group LLC to conduct closing sales at “substantially all” of its stores.

Spokeswoman Kristin Mack said decisions on store closings will be made over the next few weeks, declining to comment beyond the company’s filing. Value City had operated 66 stores earlier this fall, but contracted with Tiger Capital in late September to conduct closing sales at 29 stores.

The retailer is down to 37 stores, including one on Woodman Drive in Dayton.

Value City’s bankruptcy filing comes days after it confirmed cutting an undisclosed number of employees from its Columbus headquarters, citing the difficult economy as the reason for the cuts.

As of Oct. 15, Value City employed about 4,500.

MORE...
DAYTON BUSINESS JOURNAL: http://www.bizjournals.com/dayton/stories/2008/10/27/daily2.html

[Myrina]

1. Oh fuck

... I've been buying a living room set, a piece at a time, from them as I've been able to afford it over the past couple years.


Thanks Bush & Greedy CEO mongers - even stores for the 'average family' are going to get the snot kicked out of them now.

[ChairmanAgnostic]

2. talk about headlines that speak volumes. . . .

welcome to the Bush pro-corporate economy.