Discount Retailer Scurries Into Bankruptcy Court

Law360, New York (October 27, 2008, 12:00 AM EDT) -- Discount retailer Value City Department Stores is the latest casualty in the economy's downturn, citing weak consumer spending as the impetus for its Chapter 11 filing and ongoing liquidation.

In court documents filed Sunday in the U.S. Bankruptcy Court for the Southern District of New York, Value City Holdings Inc. said that it would continue to close stores and conduct going-out-of-business sales in an effort to maximize returns for creditors.

Value City asked the court to approve a $40 million debtor-in-possession credit agreement with National City...
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