Plus-size retailer Avenue Stores is running on borrowed time.
In April, the women’s plus-size apparel and accessories retailer announced it had successfully refinanced its outstanding capital structure and had been provided with a new revolving credit facility by PNC Bank. But last week, the New York Post reported that the chain has 60 days to find a buyer — or it will close its 260 stores nationwide.
In the report, the Rochelle Park, N.J.-based chain confirmed that it is “working with advisors to evaluate options.”
“The broad disruption in this challenging retail climate affects many retailers including Avenue,” the company said in a statement to the Post. “Avenue deeply appreciates the support of its customers, employees, suppliers and other stakeholders as it considers these alternatives.”
Avenue is owned by private equity company Versa Capital Management, which acquired it in a bankruptcy auction in 2012. At the time, the retailer operated 433 stores.