Changes at Value City
Value City Department Stores announced today that it has reached an agreement with Mazel Stores on the termination of their VCM Ltd. joint venture that operates the H&BA, toys and sporting goods departments in Value City Department Stores. Value City will now operate these departments and will pay
Mazel $8,375,000 for its interest in the venture.
Separately, Value City announced that Schottenstein Stores Corporation has terminated the letter of intent, dated August 23, 2001, regarding the proposed sale of Value City subsidiaries, Shonac Corporation, DSW Shoe Warehouse and Filene's Basement for $275 million. The parties agreed to continue the Schottenstein Stores' $100 million subordinated credit facility for Value City. "Given our recent performance and our desire to keep the businesses intact, Value City has terminated all discussions and plans for the sale of its business units," said George Kolber, Value City's vice chairman and ceo. "We are pleased that our business units will remain together and we fully expect to be able to refinance our current bank facility and the Schottenstein Store facility in a manner sufficient to sustain current operations and finance planned growth."
Separately, Value City announced that Schottenstein Stores Corporation has terminated the letter of intent, dated August 23, 2001, regarding the proposed sale of Value City subsidiaries, Shonac Corporation, DSW Shoe Warehouse and Filene's Basement for $275 million. The parties agreed to continue the Schottenstein Stores' $100 million subordinated credit facility for Value City. "Given our recent performance and our desire to keep the businesses intact, Value City has terminated all discussions and plans for the sale of its business units," said George Kolber, Value City's vice chairman and ceo. "We are pleased that our business units will remain together and we fully expect to be able to refinance our current bank facility and the Schottenstein Store facility in a manner sufficient to sustain current operations and finance planned growth."
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