FOR IMMEDIATE RELEASE

Investor Contact:

Joe Carter, Venture Stores

314/281-7800

Media Contact:

Randy Myers or Tom Goyda, Shandwick

314/436-6565

Wildrick Sees Progress, Challenges for Family Value Retailer

ST. LOUIS, June 20, 1997 -Venture Stores, Inc. has made encouraging progress in the

comprehensive repositioning strategy initiated last year, but much work remains before

its efforts are complete. That message was delivered today at the company's annual

shareholders' meeting by Robert N. Wildrick, Venture's chairman and chief executive

officer.

"Venture's repositioning has not been easy, nor is it complete," Wildrick said. "We have

chosen a course of action that we believe will preserve and build shareholder value by

giving the company a true opportunity for success over the long term."

Venture has been pursuing a multi-year repositioning strategy designed to completely

remake the company as a family value retailer with an expanded and upgraded selection

of home, family apparel and leisure merchandise. Wildrick outlined a series of priorities

that Venture needs to address to complete its repositioning and return to profitability,

including:

Improving sales -Venture's new credit facility helped restore merchandise flow

following disruptions due to restrictions in its old credit line. Home and domestic

sales have rebounded quickly, but apparel sales will take longer to turn around.

Shifting apparel sourcing -The company is significantly reducing its dependence

on smaller, less reliable apparel sources. The new network of suppliers will provide a

more stable source for both national and private-label apparel.

Refining the family value concept - Venture is extending its category dominant

approach to other departments and introducing convenience departments &endash; providing

key items priced to deliver strong margins - to round out the shopping experience.

Merchandise quality - The focus on improving private brands and expanding the

selection of recognized national brands will continue, reflecting the positive customer

response to Venture's higher quality merchandise.

Price impression - The company is intensifying its everyday low price program and

re-emphasizing strong, opening price points in every merchandise category under the

"Venture Value" banner to attract value-oriented shoppers and promote shopping

frequency.

In-stock performance - To continue building customer confidence, Venture will

move beyond its successful "Never Out Basics" program to focus on improving in-

stock performance for all advertised merchandise. A strong guaranteed in-stock

program will be introduced and promoted this fall.

During 1996, Venture's margins improved and growing customer acceptance of its new

format produced a gradual improvement in the same-store sales gap toward the end of the

year, as expected. "But perhaps most importantly," Wildrick added, "our customers are

telling us that they like our remodeled stores, our new selections, our high quality

merchandise and our low prices. In fact, nearly three-fourths of the customer comments

we now receive are positive."

Despite those positive results, however, Wildrick noted that Venture has encountered a

number of significant challenges during its repositioning. The company previously

reported a net loss applicable to common shareholders of $61.0 million, or $3.38 per

share, for 1996 compared with a loss of $22.4 million, or $1.29 per share, in 1995.

Significantly, results for 1996 include a $50.0 million fourth quarter pre-tax charge,

which allowed Venture to accelerate the implementation of its new merchandise and

pricing strategies.

"Venture has faced a series of obstacles similar to those that have put many of its peers

into bankruptcy," he continued. "Unlike those companies, we have met each challenge as

it has arisen and pressed forward with the belief that we can turn this company around

without extinguishing shareholder value.

"We have made progress, but there remains much work to be done. Venture must

improve sales to strengthen the bottom line and we are looking to next spring to have all

of the elements in place to complete our repositioning," Wildrick concluded.

Venture operates 113 family value stores in Missouri, Illinois, Kansas, Indiana,

Oklahoma, Iowa, Kentucky, Arkansas and Texas. Venture's common stock is traded on

the New York Exchange under the symbol VEN.