Venture Stores, Inc.
                     Computation of Earnings Per Share

(thousands, except per share data)                             EXHIBIT 11

                                                     13 WEEKS ENDED      
                                                   April 27,   April 29, 
                                                     1996        1995    

Net earnings (loss)                               $   1,737   $  (3,191)
Less Preferred dividend                                (625)       (625)
Net earnings (loss) available 
  to common shareowners                           $   1,112   $  (3,816) 

Average outstanding shares                           17,471      17,261  

Earnings (Loss) per common share                  $    0.06   $   (0.22)

PRIMARY:

Net earnings (loss)                               $   1,737   $  (3,191)
Less Preferred dividend                                (625)       (625)
Net earnings (loss) available 
  to common shareowners                           $   1,112   $  (3,816)

Average outstanding shares                           17,471      17,261 
Net effect of dilutive stock options
  - based on the treasury method                         67          30 
Average shares for primary
  earnings per share                                 17,538      17,291 

Primary earnings (loss) per
  common share                                    $    0.06   $   (0.22) 


  

                         Venture Stores, Inc.
                   Computation of Earnings Per Share

(thousands, except per share data)                 Exhibit 11 (continued)

                                                       13 Weeks Ended   
                                                   April 27,   April 29, 
                                                     1996        1995    
FULLY DILUTED:

Net earnings (loss)                               $   1,737   $  (3,191)
Less Preferred dividend                                (625)       (625)
Net earnings (loss) available
  to common shareowners                           $   1,112   $  (3,816)

Average outstanding shares                           17,471      17,261
Net effect of dilutive stock options
  - based on the treasury method                         73          30  
Average shares for fully diluted
  earnings per share                                 17,544      17,291 

Fully diluted earnings (loss)
  per common share                                $    0.06   $   (0.22)