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reuters.com wrote
Value City declares bankruptcy, to liquidate stores
Mon Oct 27, 2008
By Chelsea Emery
Value City Department Stores has filed for Chapter 11 bankruptcy and will liquidate its remaining 66 stores, citing a slide in consumer spending and tougher credit markets.
An economic downturn, higher gasoline prices and increasing unemployment have decimated the discount department store chain’s core market, according to documents filed with a New York bankruptcy court on Sunday.
Value City first opened in Columbus, Ohio, in 1917. It is known for selling apparel, shoes, home goods and electronics at discounted prices.
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Ha! ;) Yeah, I thought they sounded like the sort of questions that just about anyone would have. Nice work on the story!
Friday, October 31, 2008
BY MARLA MATZER ROSE
Value City Department Stores is being sued for allegedly violating the law when it failed to give notice before laying off workers. Ohio’s Workers Adjustment Retraining Notification Act requires companies that lay off more than 50 workers to give 60 days’ notice, according to the lawsuit filed by one of several hundred employees who were laid off last week.
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Ahh shit.. Now where am I supposed to get a bronze tiger coffee table??
On Wednesday, DSW laid off 82 employees. What a scary day… DSW isn’t even in bad shape.
Most of shoe retailer’s layoffs were at home office
Thursday, November 6, 2008 3:11 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
Shoe retailer DSW eliminated 98 jobs yesterday, most in management and almost all at its headquarters on the East Side. The move is designed to save money in tough financial times.
The layoffs included 82 workers and 16 open positions, representing about 13 percent of the home-office work force. Most of the positions eliminated were in upper management, said company spokeswoman Leslie Neville.
The layoffs should help ensure the retailer’s long-term financial health as most retailers struggle with a weak sales outlook for the coming months, Neville said.
http://www.dispatch.com/live/content/business/stories/2008/11/06/dsw_layoffs.ART_ART_11-06-08_C8_E8BQDCJ.html?sid=101
Friday, November 7, 2008
The bad news has gotten worse on the long-delayed reopening of the biggest and most profitable store for the Filene’s Basement chain.
The lead developer of Boston’s Downtown Crossing redevelopment project – home of the original, flagship Filene’s Basement outlet – said this week that the project has been put on hold indefinitely until costs can be reduced and financing secured. The store has been closed since last fall because the building housing it is being redeveloped as a massive mixed-use retail, office and residential project.
The Boston store is a crucial part of the chain for Columbus-based parent Retail Ventures Inc., accounting for 13 percent of the company’s 2006 sales. Its absence put a $5.8 million hole in the company’s sales for the year ended Feb. 2.
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