Report: Value City Likely to Be Sold to Investor Group

New York City, Retail Ventures Inc. is likely to sell its money-losing Value City Department Stores unit to an investor group led by Crystal Capital Fund LP, The Wall Street Journal reported on Wednesday.

Retail Ventures had said in December that it entered into a non-binding agreement with an unidentified party to sell all or a majority interest in Value City.

The report, quoting people familiar with the matter, said a deal would probably be announced as early as Wednesday. The investor group would essentially get paid to take Value City stores off the hands of Retail Ventures, the report said.