Bankruptcy
By the late 1990s, the chain found that it was unable to compete against other retail chains, such as Wal-Mart, Target, and Kmart. Venture tried to return to its founding principles as an upscale discounter and remodeled most of its 90+ stores. While facing vast competition Venture made a fatal mistake trying to expand into Texas instead of protecting its core markets. Venture sold the Texas stores to Kmart in 1996 and closed its distribution center in Corsicana, Texas. The company entered Chapter 11 bankruptcy on January 20, 1998, and tried to operate with a smaller number of stores. The effort was not successful, and the company announced its closing on April 27, 1998. Most of the former Venture buildings were absorbed into other chains, such as Kmart, Kohl's, ShopKo, and Burlington Coat Factory.
Read more about this topic: Venture Stores
Famous quotes containing the word bankruptcy:
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