Value City to assign 24 stores to Burlington Coat Factory
The 24 stores will continue to operate through the holiday season and will close by the end of March 2008. Based on the agreement, the final number of stores is subject to change. Proceeds from the assignment and sublease of the stores will be used to reduce Value City Department Stores's debt. Following the transaction, which is expected to close in the first quarter of 2008, Value City Department Stores will continue to operate 89 stores located in 14 states across the midwest, mid-Atlantic and southeastern regions. For fiscal 2006, total sales represented by the 24 stores were $332.2 million and $1.02 billion for the remaining stores.