An affiliate of Philadelphia-based Versa Capital Management has acquired certain assets of United Retail Group (URG), which operates the Avenue® brand of women’s fashion apparel, sold through a nationwide network of stores.
The amount was not disclosed.
With the completion of the sale, the new Rochelle Park, N.J.-based Avenue Stores LLC, has acquired substantially all the assets of URG, including an initial assumption of 246 leases and has hired the majority of the former home office staff in Rochelle Park, N.J. and substantially all distribution center employees and store employees in assumed stores.
Avenue Stores, LLC has 90 days to retain additional stores, with a final targeted total of approximately 300 stores. During that time the company may selectively close and consolidate certain stores in order to finalize its geographic presence.
The new company’s management team is led by Elizabeth “Liz” Williams as CEO and Jim Smith as CFO.