COLUMBUS, Ohio–Adding to a string of retail bankruptcies, Value City, the discount department store chain, filed for Chapter 11 bankruptcy protection yesterday.
VCHI Acquisitions bought a 81 percent ownership stake in the 37-unit Value City chain in January from Retail Ventures.
The retailer filed for bankruptcy due to “economic difficulties that are facing most retailers as well as conditions in the credit market,” a VCHI Acquisitions spokeswoman told HFN.