The company plans to complete the IPO in the first half of this year. Retail Ventures executives expect that the company will own a majority of DSW's outstanding shares. Proceeds will also be used to improve the merchandise and look of its 114 Value City stores.

Retail Ventures operates 175 DSW stores across the country. In February, the retailer chain posted a year-over-year same-store sales gain of 10.3%, compared to a 4% drop by Value City. Filene's Basement, which operates 26 stores, posted a 4.1% gain.

In the latest financial quarter Retail Ventures has reported, which ended Oct. 30, DSW's sales were $255.8 million, an increase of 18.6% from the previous year, while same-store sales rose 0.7%. Up until then Retail Ventures had opened 25 new DSWs in 2004. Since that period, it has opened eight units. This month the company plans to open stores in Orlando and Jacksonville, FL. Units average 25,000 sf across the chain.