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VALUE CITY FILES COMMON STOCK OFFERING TO ACQUIRE GEE BEE DEPARTMENT STORES

 VALUE CITY FILES COMMON STOCK OFFERING TO ACQUIRE
 GEE BEE DEPARTMENT STORES
 COLUMBUS, Ohio, April 16 /PRNewswire/ -- Value City Department Stores, Inc. (NYSE: VCD), today filed a registration statement with the Securities and Exchange Commission for the issuance of 5 million shares of its common stock, of which 3 million shares will be sold by Value City and 2 million shares will be sold by selling shareholders.
 Simultaneously with the closing of this offering, Value City will acquire substantially all of the net assets of Gee Bee Department Stores from an affiliate of its principal shareholder, Schottenstein Stores Corp., for shares of Value City's common stock, which shares will be resold in the offering. Following the acquisition, substantially all of the Gee Bee Department Stores will be converted to Value City Department Stores.
 The net proceeds to Value City from the offering will be used to repay indebtedness, fund capital improvements related to the acquisition of Gee Bee Department Stores, and for working capital and other corporate purposes.
 The offering will be underwritten by a syndicate managed by Donaldson, Lufkin & Jenrette Securities Corporations, Alex. Brown & Sons, Inc., and Dean Witter Reynolds, Inc.
 Value City Department Stores is a full-time, off-price department store chain, currently operating 56 stores throughout the Midwest and East.
 Gee Bee Department Stores operates 15 full-line discount department stores and two smaller apparel stores throughout Pennsylvania and Maryland.
 -0- 4/16/92
 /CONTACT: Lynn Morgen or Amy Ludwig of Morgen-Walke Associates, 212-986-5900, for Value City/
 (VCD) CO: Value City Department Stores, Inc.; Gee Bee Department Stores ST: Ohio IN: REA SU: OFR TNM


GK-OS -- NY024 -- 9125 04/16/92 09:33 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
Words:275
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