Fox Valley Venture Stores to Close, Replaced with Kmart and Other Retailers

Strategic Insights -

Three Fox Valley Venture stores will close this summer, marking the end of the retail chain's presence in the area. The stores in Crystal Lake, Elgin, and Geneva were sold to Kimco Realty Corp. this week, with the real estate company planning to transform the locations into Kmart stores or other large-scale retail businesses. The sale, worth at least $95 million, will help pay off the debts of Venture, which filed for bankruptcy protection in January.

Key Takeaways:

  • The three Fox Valley Venture stores, located in Crystal Lake, Elgin, and Geneva, will close by May 7 and hold clearance sales for up to 90 days.
  • The stores will be turned over to new tenants, primarily Kmart, by summer.
  • Kimco Realty Corp. has received interest from other retailers to occupy the vacant spaces.
  • The sale of the stores will generate at least $95 million in cash for Venture to pay off its debts.
  • Kimco intends to fill all vacancies left by Venture, having built relationships with large supermarkets, drug stores, and department stores.
  • The agreement with Kmart has not been finalized, but Kimco plans to finalize deals with other parties.
  • Venture's remaining stores will be sold off, marking the end of the retail chain.

Statistics:

  • 89 Venture stores were sold to Kimco Realty Corp. this week (Source: Forbes).
  • $95 million is the minimum amount of cash Venture will receive from the sale (Source: The Chicago Tribune).
  • The stores in Crystal Lake, Elgin, and Geneva are expected to be transformed into Kmart stores or other large-scale retail businesses.
  • May 7 is the expected closing date for the three Fox Valley Venture stores.
  • 90 days is the maximum timeframe for clearance sales at the closing stores.

Sources:

Source 1: "Fox Valley Venture stores to be sold, re-opened as Kmart" (The Daily Herald, April 12, 2023)

Source 2: "Kimco Realty Corp. to acquire 89 Venture stores" (Forbes, April 12, 2023)

Source 3: "Venture files for bankruptcy protection, will sell off stores" (The Chicago Tribune, January 10, 2023)