Women’s Fashion Chain Avenue to Close All 222 Stores Across 33 States

by Alex Tostado

ROCHELLE PARK, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain.

It was not made immediately clear if the retailer will continue to operate its e-commerce platform.

Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores.

Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent off clothes, accessories and even store fixtures. Hilco Merchant Resources and Gordon Brothers have been hired to oversee the inventory sales.

Footwear News reported that Rochelle Park, N.J.-based Avenue Stores LLC filed a Worker Adjustment and Retraining Notification (WARN) with the New Jersey Department of Labor in early August. WARN requires employers to provide 60 days’ notice in advance of mass layoffs.

According to Coresight Research, there has already been 29 percent more store closures in 2019 than in all of 2018. The Avenue store closing announcement comes on the heels of Barneys New York filing for bankruptcy in early August. Additionally, in July, GNC and Charming Charlie announced they would close hundreds of stores.

Versa Capital, a Philadelphia-based private equity company, specializes in management services, leveraged buyouts, spin-offs, restructurings, turnarounds, reorganizations, liquidations and recapitalizations.

— Alex Tostado

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