Venture Stores, Inc.
                     Computation of Earnings Per Share

(thousands, except per share data)                             EXHIBIT 11

                               13 WEEKS ENDED          26 WEEKS ENDED   
                             July 27,   July 29,    July 27,   July 29, 
                               1996       1995        1996       1995   

Net earnings (loss)         $  (3,810) $ (17,341)  $  (2,073) $ (20,533)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail. 
  to common shareowners     $  (4,435) $ (17,966)  $  (3,323) $ (21,783) 

Average outstanding shares     18,113     17,310      17,792     17,286  

Earnings (Loss) per common 
 share                      $   (0.24) $   (1.04)  $   (0.19) $   (1.26)

PRIMARY:

Net earnings (loss)         $  (3,810) $ (17,341)  $  (2,073) $ (20,533)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail.
  to common shareowners     $  (4,435) $ (17,966)  $  (3,323) $ (21,783)

Average outstanding shares     18,113     17,310      17,792     17,286 
Net effect of dilutive 
  stock options - based on 
  the treasury method              70         11          64         21 
Average shares for primary
  earnings per share           18,183     17,321      17,856     17,307 

Primary earnings (loss) per
  common share              $   (0.24) $   (1.04)  $   (0.19) $   (1.26) 


                          Venture Stores, Inc.
                   Computation of Earnings Per Share

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

                               13 WEEKS ENDED          26 WEEKS ENDED   
                             July 27,   July 29,    July 27,   July 29, 
                               1996       1995        1996       1995   
FULLY DILUTED:

Net earnings (loss)         $  (3,810) $ (17,341)  $  (2,073) $ (20,533)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail. 
  to common shareowners     $  (4,435) $ (17,966)  $  (3,323) $ (21,783)

Average outstanding shares     18,113     17,310      17,792     17,286 
Net effect of dilutive 
  stock options - based on 
  the treasury method              70         11          64         21 
Average shares for 
  fully diluted 
  earnings per share           18,183     17,321      17,856     17,307 

Fully diluted earnings 
  (loss) per common share   $   (0.24) $   (1.04)  $   (0.19) $   (1.26)