China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Value City files for Chapter 11 bankruptcy
NEW YORK, Oct 27 (Reuters) - Discount department store chain Value City Department Stores filed for Chapter 11 bankruptcy protection, citing the slowing U.S. economy and tightened credit terms, according to court filings.
Sliding consumer spending and the tightening of credit terms by Value City's suppliers have hurt profitability and liquidity, the company said in its filing in the bankruptcy court of the Southern District of New York on Sunday.
The Columbus, Ohio-based retailer of apparel, accessories and home decor listed assets and liabilities of between $100 million and $500 million in its filing.
Shoe retailer DSW Inc (DSW.N) is the largest unsecured creditor, with about $4.5 million in claims, according to court documents. The claim is being disputed.
As of Oct. 15, the company employed some 4,500 people and operated 66 stores, according to court documents. (Reporting by Chelsea Emery; Editing by Steve Orlofsky)
