For Immediate Release Contact: Joe Carter

(314) 281-7800

VENTURE STORES, INC. DECLARES QUARTERLY PREFERRED DIVIDEND

O'Fallon, Mo., May 23, 1997 -- Venture Stores, Inc. today announced that its Board of Directors has declared a quarterly dividend on its Preferred Shares.

The scheduled quarterly dividend on the Cumulative Convertible Preferred Stock is $8.125 per Preferred Share ($0.8125 per Depository Share). This dividend is payable June 16, 1997 to share owners of record as of the close of business on June 2, 1997.

Venture operates 113 family value stores in nine states. Venture's Common Stock and Depository Shares (representing Cumulative Convertible Preferred Stock) are traded on the New York Stock Exchange under the symbols Ven and Ven-Pr, respectively.