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Pluz-size chain Avenue Stores finishes refinancing

By Angela Gonzalez-Rodriguez

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New York - Avenue Stores has recently announced it has successfully refinanced its outstanding capital structure thanks to new credit provided by PNC Bank.

The women’s plus-size apparel and accessories retailer has been provided with a new revolving credit facility by PNC Bank which will retire Avenue’s existing term loan, fund ongoing liquidity and working capital needs and support the company’s strategic plans. Additionally, Versa Capital Management, owner of Avenue Stores, has also provided new capital.

“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 in a corporate statement Mark Walsh, CEO, Avenue.

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. Agreeing, the company’s CFO added that “We are very pleased with the successful outcome of Avenue’s refinancing efforts.”

Avenue Stores