Regional retailer Value City Department Stores filed for chapter 11 bankruptcy and is planning on closing its stores. The chain, which once operated 66 stores, is down to 37 and plans on rapidly closing 26 of them. Value City is owned by VCHI Acquisition Co. It cited the economic downturn and high fuel prices as key factors in the business slide.
A related Value City article on cfo.com noted that Mrs. Fields' Cookies and Goody's are rapidly preparing to exit bankruptcy, a promising sign in an otherwise gloomy retail landscape. Both companies filed for chapter 11 ealier in the year.
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