Plus-size women’s clothing and accessory retailer Avenue Stores LLC has filed for chapter 11 bankruptcy and will be closing all 222 of its stores, including its five in Greater Washington.
The region’s Avenue locations include Kingstowne Town Center in Fairfax County, Smoketown Station in Woodbridge, Bowie Town Center, Penn Mar Shopping Center in Forestville and Rockville Pike Center.
As part of a joint venture between Boston-based investment firm Gordon Brothers and Illinois-based retail consultant Hilco Merchant Resources — which handles liquidations sales for major retailers — all Avenue stores are offering markdowns of 40% to 60% off the lowest ticketed prices starting Thursday. Store fixtures are also being sold as part of the closing sales.
Avenue, founded in 1983, is owned by private equity firm Versa Capital Management.
The company refinanced its outstanding capital structure in April with a revolving credit facility from PNC Bank and new capital from Versa to retire…Read the full story from the Washington Business Journal.