Retail Ventures
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| Retail Ventures, Inc. | |
|---|---|
| Type | Public (NYSE: RVI) |
| Founded | 2003 |
| Headquarters | Columbus, Ohio, USA |
| Key people | Jay Schottenstein, CEO |
| Industry | Retail |
| Website | http://www.retailventuresinc.com/ |
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.
Schottenstein Stores Corp. of Columbus, which holds controlling interest of Retail Ventures, also holds a stake in the 221-store DSW chain. Jay Schottenstein, chairman and CEO of DSW, is chairman of Retail Ventures and heads Schottenstein Stores Corp. Value City Stores were known as Schottenstein's in the Columbus, Ohio market in honor of its founder Ephraim Schottenstein, but the name was dropped after Value City was sold to Burlington Coat Factory.[1]
Retail Ventures Inc stated in December 2006 that it had retained Financo, Inc. and CIBC World Markets Corp to advise it about "strategic alternatives," including a possible sale, for its Value City Department Stores division.
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 36 Filene's Basement stores in major metropolitan areas in the Northeast and Midwest and 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[2]. 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.
Other interests include Value City Furniture and American Brands Furniture.
