Selling Value
Value City Department Stores is on the auction block. Store executives announced to their top ranks on Dec. 6 that the parent company, Retail Ventures Inc. in Columbus, Ohio, has retained Financo Inc. and CIBC World Markets Corp. as its financial advisors to explore strategic value. This includes a possible sale of more than 110 Value City Department stores located primarily in Pennsylvania and Ohio. Retail Ventures also operates 200 DSW shoe stores in 32 states and 27 Filene’s Basement stores in the Northeast. These two entities are managed separately and are not included in a possible sale, said Retail Ventures Chief Executive Heywood Wilansky. The Schottenstein family owns about 55 percent of Retail Ventures. In fiscal 2006, Retail Ventures had a net loss of $183.4 million on $2.9 billion in sales. Retail Ventures’ stock traded up after the news, closing at $19.28 on Dec. 7, a 7 percent increase over the previous day’s close.
