Value City grows through acquisition

Discount Store News, June 8, 1998

COLUMBUS, OHIO - Value City has acquired Shonac Corp., operator of its shoe department since 1969, from Nacht Management and Schottenstein Stores as well as the operations of the Valley Fair Corp. The company purchased Shonac's common stock for $99.9 million. Shonac operates a chain of upscale DSW shoe warehouse stores located throughout the United States.

Value City acquired the two-store Valley Fair operation from SSC for $8 million. Value City has been a licensee of several departments for 18 years. Both deals were funded with cash and about $88 million from Value City's long-term bank credit facility of about $185 million.