[1] Retail Ventures Inc stated in December 2006 that it had retained Financo, Inc. and CIBC World Markets Corp to advise it about "strategic alternatives", including a possible sale, for its Value City Department Stores division.

In connection with the sale, Retail Ventures, Inc.'s wholly owned subsidiary Filene's Basement, Inc. entered into a $100 million secured credit facility with National City Business Credit, Inc.

Terms of the credit facility are similar to the predecessor $275 million secured credit facility that was jointly shared with Value City Department Stores and was terminated and replaced as of the date of the transaction.

This transaction does not impact Value City Furniture Stores, which are separately owned and operated.

Retail Ventures, Inc. continues to operate 259 DSW stores in major metropolitan areas throughout the country.