The PBGC today announced it’s taken over the defined benefit pension plans of GB Retailers Inc. and Gramex Retail Stores Inc., both subsidiaries of Value City Department Stores LLC, and the three DB plans of Mid-States Express Inc., confirmed Jeffrey Speicher, a PBGC spokesman.
Value City, Columbus, Ohio, is liquidating its assets in Chapter 11 bankruptcy proceedings, while Mid-States is liquidating under Chapter 7 bankruptcy protection. All the plans faced abandonment, Mr. Speicher said.
The GB and Gramex plans are a combined 63% funded, with assets of $7.4 million to cover $11.7 million in liabilities. The agency expects to cover the entire $4.3 million shortfall.
The Mid-States plans are 78% funded, with aggregate assets of $13.9 million and liabilities of $17.9 million, a PBGC news release said. PBGC expects to cover $3.4 million of the $4 million shortfall, the news release said.