Value City Department Stores, Inc. announced that effective February 2, 2003, the company will begin to reorganize its corporate structure into a holding company with three retail operating entities and a service organization.
The new holding company will operate under the name Retail Ventures, Inc., and its ticker symbol will be RVI on the New York Stock Exchange. Under the new structure, Value City Department Stores, Shonac/DSW Shoe Warehouse and Filene’s Basement will become subsidiaries of Retail Ventures, Inc. The change of corporate structure was approved at Value City’s annual meeting on September 26, 2002.
“The reorganization establishes the holding company as a single parent with varied retail concepts,” said John Rossler, President and CEO. “A reason we are creating a holding company structure is to provide us with more flexibility with strategic partners and investors and, as appropriate, limit operational liabilities to individual operating units. This organization will create a clearer line of sight for the leadership of our retail units. Additionally, the consolidation of our administrative functions into a service organization will simplify our day-to-day business operations enabling us to provide more cost effective and focused services to our retail operating units.”
