Value City is an American department store chain with 113 locations that is currently
owned by VCHI Acquisition Co.. It was founded in 1917 by Ephraim Schottenstein,
a travelling salesman in central Ohio. The store is an off-price retailer
that sells clothing, jewelry, and home goods below the manufacturer suggested
retail price. The chain focuses on buyout and closeout merchandise, and occasionally
irregular apparel and factory seconds. The stores were branded Schottenstein's
in the Columbus, Ohio market and Valley Fair in the Northern New Jersey market
(except for the Bergen Mall store, which was branded as Value City; today
only the Little Ferry and Irvington stores are still open). The Schottenstein
name was dropped in 2008 after the sale to Burlington.
The first store
was located in Columbus, Ohio off Parsons Ave. and has been closed for several
years. It is the corporate sponsor of Value City Arena, home of the Ohio State
University women and men's basketball programs. It was formerly affiliated with
Value City Furniture, which has 130 stores and was founded in 1948.
Retail
Ventures has been seeking to sell the Value City operation to focus
on its more profitable brands. The chain announced its intention in 2007
to close up to twenty-four stores, and to sell the remainder to Burlington Coat
Factory. However, the plans have since changed. On January 23, 2008, Retail
Ventures announced it was selling an ownership stake in Value City to newly-formed
VCHI Acquisition Company. |
