Filene's Basement operator Retail Ventures has indicated it may be selling its interest in the chain of Value City Department Stores, to an unnamed third party.

Retail Ventures, which operates 113 Value City stores, said today (17 December) it has entered into "a non-binding indication of interest with a third party for the possible acquisition of all or a majority of the outstanding units of the membership interest in Value City".

The indication of interest provides for a 25 day exclusivity period, Retail Ventures added, saying there was no assurance that the indication of interest will ultimately lead to a transaction or, if there is a transaction, what the ultimate terms would be.

It also added that a sublease deal between Burlington Coat Factory and Value City would be unaffected by any possible sale.

A statement said: "On October 3, 2007, Value City Department Stores entered into an agreement with Burlington Coat Factory Warehouse Corporation to assign or sublease up to 24 locations such that the affected stores will close their operations on or before the end of March, 2008. This transaction between Burlington Coat Factory Warehouse Corporation and Value City Department Stores will not be affected by the proposed acquisition."