Versa Serving as Stalking Horse Bidder for United Retail
February 03, 2012
Versa Capital Management has entered into an asset purchase agreement to buy the United Retail Group in conjunction with the company's recent Chapter 11 bankruptcy protection filing. Versa will operate United Retail's Avenue brand of women's fashion apparel and keep the majority of Avenue stores open. The company has arranged a $40 million debtor-in-possession facility from Wells Fargo, its existing revolving credit lender.