FOR IMMEDIATE RELEASE

Media Contact:
Tina Schneider, Venture 314/281-6730
Tom Goyda, Shandwick 314/436-6565

O'Fallon, Mo., Feb. 13, 1998 -- Venture Stores, Inc. today received approval from the U.S. Bankruptcy Court of its $190 million debtor-in-possession (DIP) revolving credit facility from BT Commercial Corp. Approval of the DIP financing gives Venture the capital necessary to operate the company's stores, purchase new inventory and pursue its reorganization under Chapter 11.

"In less than one month, Venture has established a solid foundation for its restructuring by finalizing its DIP financing, and taking swift action to reduce expenses and improve cash flow," said Robert N. Wildrick, the company's chairman and chief executive officer. "Now, we are implementing strategies to dramatically improve our in-stock position, increase sales in our key markets, strengthen our gross margin, streamline merchandise handling capabilities and create a customer friendly environment."

Finalizing the DIP financing completes Venture's initial stabilization efforts following its filing for Chapter 11 reorganization. Previously, the company announced plans to close 20 stores and a distribution center, allowing it to focus more intently on its core markets, reduce losses and improve cash flow. The company also expects to generate additional cash from sales to clear out the inventory from these locations. In addition, Venture has implemented expense reduction efforts, including the store and distribution center closings, as well as consolidations at its O'Fallon, Mo. headquarters and other operations.

According to Wildrick, Venture is moving forward with a refined merchandising and operational strategy focused on several key objectives. These include:

• Dramatically improve Venture's in-stock position and reinstate the company's "trip assurance" program to rebuild customer confidence and strengthen sales.
• Increase sales and market share in Venture's key markets by more clearly focusing on core customers.
• Create exciting in-store events and surprises that offer customers unique values and selections, and provide them with incentives to shop Venture on a more frequent basis.
• Expand sales of private-label merchandise and continue to offer broad assortments in its category dominant areas.
• Offer customers tremendous discounts through special buy opportunities.
• Strengthen its gross margin by reducing overlapping promotions, managing the margin mix of each advertising circular, cutting back on margin dissipating events and raising inventory turnover standards.
• Improve in-store merchandise handling and more efficiently turn store inventories.
• Create a customer friendly environment by reducing main aisle congestion, focusing on cashier friendliness, and encouraging and responding to customer feedback.
  

"Venture is getting back to basics and focusing our resources on doing the best job of serving our defined target customers in the markets where we are strongest," he added. "If we can execute this strategy and rebuild sales, I am confident that Venture can reestablish itself as a viable retailer."

Following the planned closing of 20 locations, Venture will operate 73 general merchandise stores in eight Midwestern states.

FOR IMMEDIATE RELEASE

Media Contact:
Tom Goyda or Randy Myers
314/281-6431

O'Fallon, MO, Feb 10, 1998 -- Venture Stores, Inc. announced today that it plans to close 20 stores in six states and a distribution center, providing the company with additional resources to devote to its core Midwestern markets during its Chapter 11 reorganization. The store closings will provide Venture with the opportunity to reduce losses and improve cash flow as the company pursues its reorganization strategy.

"This move will allow Venture to refocus our energies on improving reliability and providing even better values for the customers of the stores in our core markets," said Robert N. Wildrick, the company's chairman and chief executive officer. "We are taking the first of many steps that will be required to rebuild sales and improve performance at the 73 remaining stores that will comprise a stronger Venture chain."

Venture will close its remaining eight stores and a distribution center in Texas; six of its stores in Indiana, three stores in Topeka and Wichita, Kansas; one store in Tulsa, Oklahoma; one store in Rockford, Illinois; and one store in Joplin, Missouri. (See below for exact store locations)

Wildrick noted that the long-term projections for the 20 stores indicated that the sales and profit performance would not achieve an acceptable level in the foreseeable future. As a result, the company has filed motions in the U.S. Bankruptcy Court seeking approval to close the 20 locations. Details on when the stores will be closed and how the closing process will unfold will not be known until after the court rules on Venture's request. In the meantime, all Venture stores will remain open during normal business hours and continue to honor refunds, returns, gift certificates, layaway arrangements, store credits and the like.

The closings will affect a total of approximately 1,530 employees, with eligible associates receiving a severance package. Venture will be hiring an outside firm to conduct store closing sales at the 20 stores that will be closing.

Venture will operate 73 stores in eight states, after the closing of the 20 locations is completed.

FOR IMMEDIATE RELEASE

Media Contact:
Tom Goyda or Randy Myers
314/281-6431

O'Fallon, Mo., Jan. 20, 1998 - Venture Stores, Inc. (NYSE:VEN) today filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to give the company time to continue its strategic repositioning and evaluate other options. The company also announced that it has obtained from its current bank group, led by BT Commercial Corp., a new $190 million debtor-in-possession revolving credit facility that will provide the company with adequate capital to continue operations during its reorganization.

"We have fought for longer than anyone thought we could to complete Venture's repositioning, retain value for shareholders and give the company a chance for success," explained Robert N. Wildrick, the company's chairman and chief executive officer. "At this point, however, we need the time out afforded by a Chapter 11 reorganization to cut expenses, rebuild sales and customer confidence, and get our merchandise mix balanced to achieve profitability."

Since March 1996, Venture has been implementing a major program to reposition the company's stores from a general merchandise discount format to a new family value retail concept. Venture has focused on offering time-pressed, value-minded shoppers an expanded assortment of high quality home, family, and leisure merchandise at low prices.

"Customer response to the repositioning initiatives that we have been able to execute effectively has been very positive, which demonstrates that our overall strategy is sound," Wildrick noted. "Unfortunately, we started from an extremely difficult position and have been hampered at every step of the process by a series of external factors."

According to Wildrick, Venture has had ongoing problems with receiving timely merchandise shipments from many vendors because of constant rumors and speculation about the company's future. This meant that stores were frequently out of stock on advertised merchandise and basic items, which undermined sales and customer confidence. In addition, Venture was unable to achieve the right merchandise mix, which had a negative impact on margins and profitability. The resulting poor financial results made vendors even more reluctant to ship merchandise, continuing the cycle.

"Despite a tremendous amount of effort on the part of the entire Venture team, we have been caught in a cycle that has been impossible to break outside of Chapter 11," he added. "Now, we will be able to correct many of the in-stock problems we have faced, win back customer confidence and achieve a more profitable mix of goods."

Venture's 93 family value stores in the Midwest will remain open and continue to offer a selection of high quality merchandise at everyday low prices. Stores will honor all gift certificates, merchandise credits, customer returns and layaway arrangements. While the company plans to review the profitability of each of its stores on a case-by-case basis and will likely close some locations, no decisions regarding any specific store closings have been finalized at this point.

The company will also begin immediately to implement efforts to reduce expenses by approximately $8 million to $10 million, including consolidations at its headquarters in O'Fallon, Mo. Specific plans have not been finalized, but affected associates will be notified as soon as possible. The reorganization will have no immediate impact on staffing at Venture's stores, and will not affect its existing medical insurance, retirement or profit sharing plans.

For Further Information

In order to keep interested parties up-to-date on Venture's progress and current status, the company provides several sources of information:

• Customers should direct questions to the manager at their local Venture store.
• Associates, vendors and shareholders can call an automated telephone hotline providing up-to-date information at 314/281-6469.
• Press releases, weekly coverage reports and other information will also be posted on Venture's Web site at http://www/venturestores.com.
• News media requests can be directed to 314/281-6431.

Venture Stores, Inc. operates 93 family value stores in nine states. The company's common stock is traded on the New York Stock Exchange under the symbol VEN.