Posted on Friday, February 3rd, 2012 at 10:02 pm
United Retail Group has filed for bankruptcy protection under Chapter 11 earlier this week, citing that high leasing rates for it stores has caused it to struggle.
United Retail owns Avenue, a women’s clothing chain that has over 400 stores nationwide. Versa Capital Management is expected to make a bid on United Retail at a court-supervised auction. Versa Capital has agreed to buy its assets for an undisclosed price and plans on keeping the Avenue stores open.
United Retail plans to keep operations running during the bankruptcy process by arranging a $40 million debtor-in-process financing. It expects the sale to be finished quickly.
If you have been considering filing for Chapter 11 bankruptcy protection, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring , P.C., at 713-973-6650.