VCHI Acquisition Co., headquartered in Columbus, Ohio, will shutter the store within eight weeks along with other stores deemed non-core in its turnaround plan.
A total of 30 of the 113 Value City stores will be closed, said spokeswoman Robin Hepler.
Indianapolis locations at 5110 W. Pike Plaza Road and 6002 E. 38th St. will remain open.
Four other Indiana locations in Clarksville, Fort Wayne, Merrillville and South Bend also will stay open.
On Jan. 23, VCHI acquired an 81-percent interest in Retail Ventures Inc., which owned Value City Department Stores.
Hepler said the chain will be returned to its roots of close-outs, or "off-price value-driven retailer."
Value City had edged into handling designer closeouts and encountered competition from such giants as Target, Marshall's and T.J. Maxx, she said.
Value City Department Stores is a separate company from Value City Furniture Inc., which is also headquartered in Columbus.