Columbus, Ohio, Retail Ventures Inc. said Tuesday it is in talks to sell its Value City department store chain. A company statement did not reveal who is bidding for the concept, but did share that the bidder gets a 25-day exclusivity period during due diligence.
The sale would include about 89 Value City stores. Burlington Coat Factory is currently engaged with Retail Ventures in a deal to acquire up to 24 Value City units, which will not be included in the larger portfolio sale. The Burlington Coat venture is scheduled to close during next year’s first quarter.
During its third quarter, which ended Nov. 3, Value City’s same-store sales plummeted 13.4% year over year, while total sales dropped to $298.4 million from $341.2 million the same year-ago period.
Retail Ventures executives said last December that they were exploring options for Value City, but have not made any official announcements about the chain.
Retail Ventures also owns the 36-unit Filene’s Basement department store chain and a 60% interest in the 250-store shoe retailer DSW.