Value City Latest Retailer To Liquidate.

The article reports on the plan of Value City Department Stores to liquidate after filing a voluntary Chapter 11 petition in a bankruptcy court in Manhattan, New York in October 2008. Assets and liabilities were estimated to be between $100 million and $500 million. Value City chief financial and accounting officer Stephen Darr cited declining sales and profitability, rough credit markets and a drop in consumer discretionary spending as the drivers of the liquidation.