Value City Department Stores filed Chapter 11 bankruptcy on Oct. 27, 2008 at the US Bankruptcy Court for the Southern District of New York. Additionally, the discount department store retailer said it would liquidate all of its 66 stores. Value City blamed the filing on the economic downturn, feeling the pressures of light consumer spending. In addition, tough credit market conditions caused the retailer's vendors to tighten credit terms on inventory, resulting in Value City not being able to sufficiently stock its shelves. Tiger Capital is the liquidator the company has selected to conduct liquidation sales at its stores. To complete this process, Value City has requested the Court approve a $40 million debtor-in-possession facility with Wells Fargo and National City Business Credit. The company listed assets and liabilities between $100 million and $500 million in the filing. Its largest unsecured creditor is DSW Shoes, with approximately $4.5 million in claims. Retail Ventures Inc., owner of DSW and Filene's Basement, holds a 19% stake in Value City, as the company successfully shed its 81% ownership interest in Value City in mid-February 2008 to VCHI Acquisition Corp., a company formed by VCDS Acquisition Holdings, Emerald Capital Management and Crystal Value. In October 2007, Value City operated 137 stores in the Midwest, mid-Atlantic and southeastern U.S. That month, it announced the sale of 24 stores to Burlington Coat Factory as part of an effort to explore strategic alternatives for the chain. In the beginning of February 2008, the company announced the closure of another 30 Value City stores, leaving it with 83 stores. Approximately 17 Value City stores have quietly been closed since. According to CoStar Tenant, the average Value City store is about 92,000 square feet, but typical size ranges from 60,000 to 85,000 square feet. According to CoStar Tenant, Value City leases a 486,531-square-foot distribution facility located at 3251 Westerville Road in Columbus, OH. In 2006, it renewed its 322,184-square-foot lease at a distribution facility located at 14174 N Washington Highway in Ashland, VA -- at this facility; Keck Realtors currently has Value City's space listed as available.