VERSA CAPITAL ACQUIRES UNITED RETAIL: An affiliate of Philadelphia-based Versa Capital said Monday it has completed the acquisition of certain assets of United Retail Group. The operator of plus-size women’s fashion apparel has been immersed in bankruptcy proceedings since February. Out as chief executive is Dawn Robertson. Versa said the new management team is led by Elizabeth “Liz” Williams, with Jim Smith as chief financial officer. Williams is the former long-time president of Fashion Bug. Versa also said the company has “substantial capital from Versa’s $650 million fund and a $50 million credit facility led by Wells Fargo.” Gregory L. Segall, Versa ceo and Avenue Stores chairman, said, “While the new business will operate a condensed store base, we intend to return to new store growth at the appropriate time. In the mean time, there’s a great deal of work to do. Avenue Stores is a terrific brand; we want to see it achieve its full potential.” Versa’s portfolio includes Bob’s Stores and fabrics firm Polartec.
April 16, 2012