Retail Ventures was originally created
in 2003 as a holding company for DSW (NYSE: DSW), Filene's Basement, and
Value City Department Stores. The retailer originally went public in 1991
under the Value City moniker. Value City went on to purchase the DSW shoe
business in 1998 and Filene's Basement in 2000.
Retail Ventures Inc announced on January
23, 2008 the disposition of an 81% ownership interest in its Value City
Department Stores business to VCHI Acquisition Co., a newly formed entity
owned by VCDS Acquisition Holdings, LLC, Emerald Capital Management LLC
and Crystal Value, LLC. In connection with the sale, Retail Ventures, Inc.'s
wholly owned subsidiary Filene's Basement, Inc. entered into a $100 million
secured credit facility with National City Business Credit, Inc. Terms of
the credit facility are similar to the predecessor $275 million secured
credit facility that was jointly shared with Value City Department Stores
and was terminated and replaced as of the date of the transaction. This
transaction does not impact Value City Furniture Stores, which are separately
owned and operated. Retail Ventures, Inc. continues to operate 259 DSW stores
in major metropolitan areas throughout the country. DSW also supplies shoes,
under supply arrangements, to 342 locations for other non-affiliated retailers
in the United States. The number of employees and employee benefits are
planned to remain the same as this transfer of ownership occurs and the
new owners begin to operate Value City. Retail Ventures announced its merger
with DSW in February 2011.
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