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Value City Liquidating

Discount retailer Value City Department Stores and its subsidiaries have filed for bankruptcy protection and plan to close their stores.

Bankruptcy papers filed in New York say the Columbus, Ohio-based company blames declining sales, tight credit and the sour economy for crippling its business.

The filings follow a series of restructuring efforts and layoffs aimed at keeping the business afloat. It has closed more than 75 stores since December 2007.

It has 66 open stores and more than 4,500 employees in 14 states.

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