Store closures continue — and the liquidation sales have begun.
This time it’s plus-size women’s apparel, accessory and shoe retailer Avenue Stores.
The company, which offers women’s fashion in sizes 14 to 32, will close 222 stores in 33 states across the nation, with sales starting immediately.
Advisory and investment firms Gordon Brothers and Hilco Merchant Resources are leading the liquidation sales. Avenue, which was founded in 1983 as Sizes Unlimited, was acquired by private equity firm Versa Capital Management in 2012 after former owner, United Retail Group, filed for Chapter 11 bankruptcy. Versa also owns and Alex Apparel Group, and previously owned Polartec, the fabric innovator.
There is no word yet as to whether Avenue’s online shop, avenue.com, and intellectual property have been retained by Versa.
But the store closure trend seems to be just ramping up. Coresight Research previously projected about 7,600 stores to shutter this year, compared with the 5,524 that closed in 2018.