(Filed Under Financial and General Interest News). Just several days after announcing that it was laying off hundreds of workers, Value City Department Stores filed Chapter 11 bankruptcy protection on October 26, listing debts and assets both in excess of $100 million.
The Columbus, Ohio-based retailer-no longer affiliated with Schottenstein Stores Corp., owner of American Signature furniture stores-has filed for intent on closing its stores.
The company, reports the filling was the result of difficult economic times and the deteriorating conditions in the credit market; however, the public relations firm reports the future of the current stores and the employment of all associates remains in question.
From February to August of this year, Value City had a net loss of $70 million on $288.5 million in sales.
Currently, there are 113 Value City Stores nationwide.
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