WASHINGTON (dpa-AFX) - Avenue Stores LLC has become the latest retailer to announce that it will close all its stores.
The Rochelle Park, New Jersey-based women's apparel retailer offers plus-size fashions in sizes 14 to 32. Avenue Stores is now offering discounts at 222 closing stores, located in 33 states.
The store sales are being conducted by a joint venture consisting of Gordon Brothers and liquidation company Hilco Merchant Resources. All items, brands, and even in store fixtures are being sold.
A spokesperson for the consortium said, 'Avenue shoppers will be amazed not only by the incredible savings, but also by the great selections and styles available at the closing sale. Given the popularity of the brand and the seasonal trends, merchandise is sure to sell out quickly.'
The price reductions range from 30 percent to 50 percent off the lowest ticketed prices and will be offered on all merchandise including denim, swimwear, shoes, and accessories, according to a statement by Hilco Merchant Resources.
Avenue Stores was acquired by Redcats USA, part of the French group Kering S.A., in November 2007. Avenue's parent company United Retail Group had filed for Chapter 11 bankruptcy in 2012 and was acquired by private equity company Versa Capital Management. At that time, the retailer had operated 433 stores.
Earlier in August, the New York Post reported that Avenue Stores had 60 days to find a buyer or close all its 260 stores across the U.S. The company reportedly said that 'the broad disruption in the challenging retail climate' was affecting many retailers, including itself.
Traditional brick-and-mortar retailers are continuing to struggle amid stiff online competition from industry majors such as Amazon and Walmart as well as the change in shopping habits of customers.
Women's clothing chain Dress Barn Inc. said in July that it commenced store-closing or inventory clearance event sales at the 53 stores it plans to close by the end of August. The company expects to close all its stories by end of 2019.
Another jewelry and accessories retailer Charming Charlie Holdings had filed for its second bankruptcy protection in July and announced its plans to shutter all the remaining 261 stores.
In May, Topshop Topman had had announced its intention to close all eleven of its U.S. stores as its London-based parent company Arcadia Group sought to restructure after filing for bankruptcy protection.
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