AVENUE Stores LLC, a retailer of women’s plus-size fashion apparel, has secured a $45 million credit facility from PNC Bank. In connection with the new loan, AVENUE’s owner Versa Capital Management LLC has provided new undisclosed financing to the company as well.
ROCHELLE PARK, N.J.–(BUSINESS WIRE)–AVENUE Stores, LLC (“AVENUE®”, or “the Company”), the omni-channel retailer of the AVENUE® brand of women’s plus-size fashion apparel, footwear and accessories, announced today the successful refinancing of its outstanding capital structure.
A new revolving credit facility was provided by PNC Bank, N.A., to retire AVENUE®’s existing term loan, which will fund ongoing liquidity and working capital needs and support the Company’s strategic plans.
“AVENUE® has established itself as a pioneer and champion for women with a mission to provide great fashion at a terrific value. It’s about feeling confident,” said Mark Walsh, CEO of AVENUE®. “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. As part of our mission we are putting the customer first and listening to the feedback we receive to improve every aspect of what we do. We look forward to continuing to empower plus-size women with an unparalleled range of quality fashion choices.”
In connection with the new credit facility, AVENUE®’s owner, Versa Capital Management, LLC (“Versa”), has provided new capital to the Company as well. AVENUE® Chairman and Versa CEO Gregory Segall said, “We are pleased to have worked with the PNC team to help deliver an attractive financing package that provides AVENUE® with the resources to continue executing its strategic initiatives.”
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. In addition, its new capital structure will further strengthen the Company’s ability to continue investing and providing customers with the fashion and service they deserve.
“We are very pleased with the successful outcome of AVENUE®’s refinancing efforts,” said David Rhoads, chief financial officer of AVENUE®. “PNC has been a great partner throughout this process and the new credit facility will allow AVENUE® to better serve its valued customers.”
“The AVENUE® refinancing builds on PNC’s commitment to work with the nation’s top retailers on their financing solutions,” said Marc Price, group head – Retail Finance, PNC Business Credit. “We were uniquely capable of expanding our relationship with AVENUE® and helping the Company secure a solution that fulfills its customer-centric mission and achieves its strategic goals.”
About PNC Bank, N.A.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.PNC.com.
About Versa Capital Management
Versa Capital Management, LLC is a Philadelphia-based private equity firm with $1.25 billion of committed capital under management focused on control investments in middle market companies, working with management teams in a diverse array of industries where value and performance growth can be achieved through enhanced strategic, operational and financial management. For more information, please visit www.Versa.com.
About AVENUE® Stores, LLC
For over 30 years, AVENUE® has been a leader in the fashion industry for plus-size clothing. Since its inception in 1983, AVENUE® has maintained a commitment to its customers to offer quality plus-size apparel in sizes 14-32. While AVENUE® grows and changes, its commitments remain the same: to offer the best merchandise…the best value…the best store environment…the best service… the best everything for its customers. More information is available at www.AVENUE.com.