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PNC Bank Closes Strategic Recap for AVENUE Stores

April 18, 2019, 09:05 AM
Filed Under: Retail
Related: PNC Bank

AVENUE Stores, LLC, an omni-channel retailer of the AVENUE® brand of women’s plus-size fashion apparel, footwear and accessories, announced 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.”

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