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Mesirow Invests in Value City

Mesirow Financial, a Chicago-based financial firm whose services include restructurings, is part of a group of that will invest in Value City, a struggling off-price retail chain, in hopes of turning around its fortunes, a person familiar with the situation said Wednesday.

Value City's current owner, Columbus, Ohio-based Retail Ventures Inc., will retain a stake in the chain, whose same-store sales fell 13.7 percent in the quarter ended Nov. 3, the source said.

But Mesirow and three other financial buyers will invest in Value City and also dispatch turnaround specialists to help it improve its long-term prospects.

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