Retail Ventures Enters Non-Binding Letter of Indication Regarding Value City Department Stores
http://www.fashionnewspaper.com/articles/343/1/Retail-Ventures-Enters-Non-Binding-Letter-of-Indication-Regarding-Value-City-Department-Stores/Page1.html
Maxamillion Blick
Fashion Industry Ghost Writer ... Freelance writer for the Apparel Search Company. A contributor as well as inspiration to Apparel Search. My goal is to make the Fashion Newspaper a leading resource for locating fashion news on the internet.
If you have a fashion press release, please submit your news at the Apparel Search site or you can post news directly at the Fashion Newspaper site by becoming an author.
By Maxamillion Blick
Published on 12/17/2007
Retail Ventures, Inc. (NYSE: RVI) announced today that it has entered into a non-binding indication of interest with a third party for the possible acquisition of all or a majority of the outstanding units of the membership interest in Value City Department Stores LLC. The indication of interest is subject to certain conditions including due diligence and provides for a 25 day exclusivity period. There is no assurance that the indication of interest will ultimately lead to a transaction or, if there is a transaction, what the ultimate terms would be.
Retail Ventures Enters Non-Binding Letter of Indication Regarding Value City Department Stores
Retail Ventures, Inc. (NYSE: RVI) announced today that it has entered into a non-binding indication of interest with a third party for the possible acquisition of all or a majority of the outstanding units of the membership interest in Value City Department Stores LLC. The indication of interest is subject to certain conditions including due diligence and provides for a 25 day exclusivity period. There is no assurance that the indication of interest will ultimately lead to a transaction or, if there is a transaction, what the ultimate terms would be.
On October 3, 2007, Value City Department Stores entered into an agreement with Burlington Coat Factory Warehouse Corporation to assign or sublease up to 24 locations such that the affected stores will close their operations on or before the end of March, 2008. This transaction between Burlington Coat Factory Warehouse Corporation and Value City Department Stores will not be affected by the proposed acquisition.
Retail Ventures, Inc. is a leading off-price retailer operating as of November 3, 2007, 113 Value City Department Stores in the Midwest, mid- Atlantic and southeastern United States, 36 Filene's Basement stores in major metropolitan areas in the Northeast and Midwest and 250 DSW stores located in major metropolitan areas throughout the United States. DSW also
supplies shoes, under supply arrangements, to 339 locations for other non-related retailers in the United States.
On October 3, 2007, Value City Department Stores entered into an agreement with Burlington Coat Factory Warehouse Corporation to assign or sublease up to 24 locations such that the affected stores will close their operations on or before the end of March, 2008. This transaction between Burlington Coat Factory Warehouse Corporation and Value City Department Stores will not be affected by the proposed acquisition.
Retail Ventures, Inc. is a leading off-price retailer operating as of November 3, 2007, 113 Value City Department Stores in the Midwest, mid- Atlantic and southeastern United States, 36 Filene's Basement stores in major metropolitan areas in the Northeast and Midwest and 250 DSW stores located in major metropolitan areas throughout the United States. DSW also
supplies shoes, under supply arrangements, to 339 locations for other non-related retailers in the United States.