Retail Ventures divests 24 stores

COLUMBUS, Ohio Retail Ventures is selling off 24 of its Value City Department Stores to Burlington Coat Factory as part of its previously announced review of strategic alternatives to generate value for shareholders, the company reported today. According to the company, the 24 stores will continue to operate through the holiday season and will close by the end of March 2008. Proceeds from the assignment and sublease of the stores will be used to reduce Value City Department Stores' debt, the company reported.

Following the close of the transaction, Value City Department Stores will continue to operate 89 stores located in 14 states across the Midwest, Mid-Atlantic and Southeastern regions.

Heywood Wilansky, Retail Ventures' ceo, said, "We are pleased to have reached this agreement with Burlington. Today's announcement will allow us to strengthen our balance sheet. We continue to explore strategic alternatives for the remaining Value City Department Stores and are focused on delivering value to our shareholders and our customers. We want to thank all of our employees, and particularly those in the 24 stores being affected by this announcement, for their continued dedication and professionalism throughout this strategic review process and for their ongoing attention to our customers."