Avenue (store)

Last updated
Avenue Stores, LLC
Type Private
Industry Retail
Founded1987;36 years ago (1987) (as The Avenue)
Defunct2019 (stores)
Fate Bankruptcy
Headquarters Rochelle Park, New Jersey, U.S.
Number of locations
222 (33 states) [1] (2019)
Key people
Mark Walsh (CEO)
ProductsClothing, footwear, jewelry
RevenueIncrease2.svg US$399.25.1 million (2006)
Increase2.svgUS$12.982 million (2006)
Increase2.svgUS$10.48 million (2006)
OwnerVersa Capital Management
Website www.avenue.com

Avenue Stores LLC was a specialty retailer in the United States offering plus-size clothing to women who wear larger-size clothing. The company serves a target audience of women aged between 25 and 55 years of age, wearing apparel of size 14 or larger, and also sells shoes and accessories. [2] The group operated 222 stores in 33 states in 2019, [1] all under the name The Avenue. [3]

Contents

Avenue Stores LLC was headquartered in New Rochelle, New Jersey and went through a series of parent companies, with Versa Capital Management, a private equity firm overseeing its final bankruptcy. [4] It also operated the women fashion brands Loralette and Cloudwalkers. [5]

Avenue closed all of its stores by 2019, remaining only as an online retail operation.

History

In 1983, Avenue clothing stores began when Limited Brands combined their Lerner Woman and Sizes Unlimited brands. The new business, under the auspecies of United Retail Group, was based in New Rochelle, New Jersey. Its IPO took place in 1992. [6] [7] In 2005, [8] and 2006, Avenue was showing sales growth. [9]

The company was acquired by the now-defunct Redcats USA in 2007, with their parent company Kerig, a French fashion group. When Avenue went bankrupt in 2012, it was acquired by Philadelphia-based private equity firm Versa Capital Management. [10]

Early in 2012, United Retail Group, Inc., Avenue's parent company, filed for Chapter 11 bankruptcy and was acquired by Versa Capital Management. [4] At the time, many of the Avenue stores remained open, as well as some distribution centers. [11]

Chrissy Metz of This Is Us said she wore clothing from Avenue, and appeared at her publicized 36th birthday in a faux leather jacket from the store. [12] In addition, the brand put out a nationwide call for customers to try-out to be Avenue clothing plus-size models. [13]

In May 2018, Mark Walsh was appointed CEO of Avenue, succeeding to Liz Williams. [14]

On August 9, 2019, Avenue Stores again filed for Chapter 11 bankruptcy. The case was filed in Delaware as case number 19-11842. According to an affidavit filed by David Rhoads, the company's President and Chief Financial Officer, the company struggled to compete. It planned to use the bankruptcy process to sell its e-commerce business and wind down its physical stores. The e-commerce business maintains the domains: avenue.com and loralette.com. SB360 Capital Partners, LLC has been identified as the stalking horse bidder. [15]

In October 2019, the e-commerce assets were sold to Australian retailer City Chic Collective. [16] [17]

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References

  1. 1 2 "Avenue store closings 2019: Plus-size retailer files for bankruptcy". www.usatoday.com. Retrieved 2019-08-23.
  2. ↑ "Retailer Avenue opens Okemos store". Lansing State Journal. July 4, 2009.
  3. ↑ "History of United Retail Group Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved August 23, 2019.
  4. 1 2 Verdon, Joan (May 30, 2012). "Avenue clothing store prepares to close Saddle Brook location". The Record.
  5. ↑ Grill-Goodman, Jamie (October 26, 2018). "Avenue Stores Launches New Mobile App". Retail Info Systems. Retrieved 12 March 2021.
  6. ↑ Unglesbee, Ben (November 26, 2019). "Avenue converts bankruptcy to Ch. 7". Retail Dive. Retrieved 12 March 2021.
  7. ↑ Grill-Goodman, Jamie (August 14, 2019). "Avenue Stores Shutters Its Brick and Mortar Business". Retail Info Systems. Retrieved 12 March 2021.
  8. ↑ Verdon, Joan (September 2, 2005). "Highlight: Heat, gas prices chill retail sales". The Record.
  9. ↑ Verdon, Joan (June 2, 2006). "Sales beat monthly forecast foqr merchants". The Record.
  10. ↑ Pete, Joseph S. (August 19, 2019). "Avenue clothing stores closing in Highland and Merrillville". NWI Times. Retrieved 4 March 2021.
  11. ↑ Tucker, Randy (February 2, 2012). "Avenue clothing store files for banktruptcy". Dayton Daily News. Retrieved 12 March 2021.
  12. ↑ Gates, Kaitlin (February 15, 2018). "How To Shop Like 'This Is Us' Star Chrissy Metz". simplemost.com. Retrieved 12 March 2021.
  13. ↑ "IT'S A FASHION BASH #FASHBASH". thickcurvyangels.com. Archived from the original on 28 January 2020. Retrieved 12 March 2021.
  14. ↑ "Avenue Stores names new CEO". Chain Store Age. Retrieved 2021-02-23.
  15. ↑ "New Chapter 11 Bankruptcy Filing - Avenue Stores LLC". Petition11. 27 January 2020. Retrieved 2020-05-10.
  16. ↑ Acquisition of Avenue’s e-commerce business approved City Chic Collective October 8, 2019
  17. ↑ City Chic broadens US reach with e-commerce acquisition Inside Retailing October 8, 2019
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