Avenue Stores completes recapitalization
Avenue Stores has successfully refinanced its outstanding capital structure.
The women’s plus-size apparel and accessories retailer has been provided with a new revolving credit facility by PNC Bank. The new facility, which will retire Avenue’s existing term loan, will fund ongoing liquidity and working capital needs and support the company’s strategic plans. Versa Capital Management, which owns Avenue, has provided new capital to the retailer as well.
“We are pleased to have completed this important recapitalization with PNC that positions Avenue to execute on our strategic plans across all of our sales channels,” said Mark Walsh, CEO, Avenue.
By increasing overall liquidity, reducing interest rates, and removing all debt amortization payments, Avenue’s new capital structure is much more stable, flexible and better aligned with the strategic needs of the business, the company stated. In addition, the structure will further strengthen the company’s ability to continue investing and providing customers with the fashion and service they deserve.
In addition, the new capital structure will further strengthen the company by increasing its overall liquidity, reducing interest rates, and removing all debt amortization payments. The new structure is much more stable, flexible and better aligned with the strategic ability to continue investing and providing customers with the fashion and service they deserve, Avenue said.
“We look forward to continuing to empower plus-size women with an unparalleled range of quality fashion choices,” Walsh said.
“We are very pleased with the successful outcome of Avenue’s refinancing efforts,” added CFO David Rhoads. “PNC has been a great partner throughout this process and the new credit facility will allow Avenue to better serve its valued customers.”
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