Value City files for bankruptcy protection

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By WSBT News1

Story Created: Oct 27, 2008 at 2:00 PM EST

Story Updated: Oct 27, 2008 at 2:00 PM EST

COLUMBUS, Ohio (AP) — Discount retailer Value City Department Stores and its subsidiaries have filed for bankruptcy protection and announced plans to close its remaining stores.

In bankruptcy papers filed in New York, the Columbus-based company says declining sales, tight credit and the sour economy have crippled its business.

The filings follow a series of restructuring efforts and layoffs aimed at keeping the business afloat. It has closed more than 75 stores since December 2007.

From February to August of this year, the company had a net loss of $70 million on $288.5 million in sales.

Value City says it has 66 open stores and more than 4,500 employees in 14 states, including Ohio.

It began as part of the discount retailers run by the Schottenstein family of Columbus.

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