Venture Stores, Inc.
                     Computation of Earnings Per Share

(thousands, except per share data)                             EXHIBIT 11

                               13 WEEKS ENDED          26 WEEKS ENDED   
                             July 26,   July 27,    July 26,   July 27, 
                               1997       1996        1997       1996   

Net earnings (loss) before
  extraordinary item        $(102,993) $  (3,810)  $(118,499) $  (2,073)
Extraordinary item 
  (net of tax)                     -          -       (2,402)        -  
Net earnings (loss)         $(102,993) $  (3,810)  $(120,901) $  (2,073)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail. 
  to common shareholders    $(103,618) $  (4,435)  $(122,151) $  (3,323) 

Average outstanding shares     18,281     18,113      18,274     17,792  

Earnings (loss) per common
  share:
  Before extraordinary item $   (5.67) $   (0.24)  $   (6.55) $   (0.19)
  Extraordinary item 
    (net of tax)                   -          -        (0.13)        -  
  Earnings (loss) per        
    common share            $   (5.67) $   (0.24)  $   (6.68) $   (0.19)

PRIMARY:

Net earnings (loss) before
  extraordinary item        $(102,993) $  (3,810)  $(118,499) $  (2,073)
Extraordinary item
  (net of tax)                     -          -       (2,402)        -  
Net earnings (loss)         $(102,993) $  (3,810)  $(120,901) $  (2,073)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail.
  to common shareholders    $(103,618) $  (4,435)  $(122,151) $  (3,323)

Average outstanding shares     18,281     18,113      18,274     17,792 
Net effect of dilutive 
  stock options - based on 
  the treasury method              -          70          -          64 
Average shares for primary
  earnings per share           18,281     18,183      18,274     17,856 

Primary earnings (loss) per
  common share:
  Before extraordinary item $   (5.67) $   (0.24)  $   (6.55) $   (0.19) 
  Extraordinary item 
    (net of tax)                   -          -        (0.13)        -  
  Earnings (loss) per  
    common share            $   (5.67) $   (0.24)  $   (6.68) $   (0.19)


FULLY DILUTED:

Net earnings (loss) before
  extraordinary item        $(102,993) $  (3,810)  $(118,499) $  (2,073)
Extraordinary item 
  (net of tax)                     -          -    $  (2,402) $      -  
Net earnings (loss)         $(102,993) $  (3,810)  $(120,901) $  (2,073)
Less Preferred dividend          (625)      (625)     (1,250)    (1,250)
Net earnings (loss) avail. 
  to common shareholders    $(103,618) $  (4,435)  $(122,151) $  (3,323)

Average outstanding shares     18,281     18,113      18,274     17,792 
Net effect of dilutive 
  stock options - based on 
  the treasury method              -          70          -          64 
Average shares for 
  fully diluted 
  earnings per share           18,281     18,183      18,274     17,856 

Fully diluted earnings 
  (loss) per common share:
  Before extraordinary item $   (5.67) $   (0.24)  $   (6.55) $   (0.19)
  Extraordinary item
    (net of tax)                   -          -        (0.13)        -  
  Earnings (loss) per 
    common share            $   (5.67) $   (0.24)  $   (6.68) $   (0.19)