Plus-size retailer files for bankruptcy
Another women’s retailer is closing all of its stores.
Plus-size retailer the Avenue will close its 222 stores in 33 states, according to a press release from liquidation company Hilco Merchant Resources Wednesday. Hilco is managing the liquidation with Gordon Brothers.
On Friday, Avenue Stores, LLC, filed for Chapter 11 bankruptcy protection, according to court records. In 2012, Versa Capital Management, a private equity company, acquired the retailer in a bankruptcy auction. At the time, there were 433 Avenue locations.
“Avenue shoppers will be amazed not only by the incredible savings, but also by the great selections and styles available at the closing sale,” the press release states. “Given the popularity of the brand and the seasonal trends, merchandise is sure to sell out quickly. We are encouraging consumers to shop early and take advantage of these offers.”
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The price reductions are starting at 30% to 50% off the lowest ticketed price, according to the release.
Eight months into 2019, there have already been 29% more store closings announced than in all of 2018, according to a new report from global marketing research firm Coresight Research.
Based on Coresight Research’s figures, retailers’ earnings reports, bankruptcy filings and other records, more than 7,600 stores are slated to shutter this year and thousands of locations already gone.
Charming Charlie announced in July that it will close its 261 stores.
In May, Dressbarn announced it is shuttering all of its stores by the end of 2019. In August, 53 Dressbarn locations are slated to close. Dressbarn is part of New Jersey-based Ascena Retail Group, which has two plus-sized brands, Lane Bryant and Catherines.
In a recent filing with the Securities and Exchange Commission, Ascena reported there were of 731 Lane Bryant stores and 332 Catherines stores as of May 4. Lane Bryant has lost 21 stores and Catherines 19 in the last 12 month, according to the filing.
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko