Value Less

Value City Department Stores, a retail chain launched in 1917 in Columbus, Ohio, has declared Chapter 11 bankruptcy. The company plans to close its 66 stores and liquidate its assets. In court documents filed in U.S. Bankruptcy Court in New York, the off-price retailer said higher gasoline prices, an economic downturn and increasing unemployment hampered its ability to make a profit. Also, vendors were tightening their credit terms, which meant the chain was having a harder time stocking new merchandise. In the first seven months of its fiscal year, Value City lost $70 million on $288.5 million in revenue.