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United Retail Group, owner of the Avenue® brand of women’s fashion apparel and a
subsidiary of Redcats USA, announced on February 1, 2012 that it has voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York, and that it is pursuing a sale process under Section 363 of the Bankruptcy Code.  In conjunction with the filing, United Retail Group has entered into an asset purchase agreement with an entity controlled by Versa Capital Management, which it intends to submit to the Court to serve as the “stalking horse” bid for a Court-supervised auction of the business. Versa Capital, a private equity firm with significant experience in revitalizing retail operations, has agreed to buy the company's assets through the bankruptcy process for cash and the assumption of certain liabilities.

Based in Rochelle Park, N.J., United Retail Group operated 433 Avenue® stores in the United States. Avenue is a fun, trend-right, multi-channel source for affordable fashion for real size women with a youthful attitude.  Redcats USA was a dynamic, multi-channel, web-driven home-shopping leader, with numerous successful brands in its portfolio: AVENUE®, Woman Within®, Jessica London®, Roaman's®, KingSize®, and BrylaneHome® sold on OneStopPlus.com®, The Sportsman's Guide® and TGW.com - The Golf Warehouse®. Redcats USA offers a wide range of value and quality driven merchandise categories, including men's and women's plus-size apparel, home and lifestyle products, and sporting goods/outdoor gear. Redcats USA is a Redcats company.

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