Avenue Parent to be Acquired by Private Equity Firm

United Retail Group, owner of the Avenue brand of women’s fashion apparel, announced that it's seeking court approval for the acquisition of its operating business by an affiliate of Versa Capital Management. Pending court approval by the U.S. Bankruptcy Court for the Southern District of New York and the successful closing of the transaction, Versa, a private equity firm with significant experience in revitalizing retail operations, has agreed to acquire a majority of the company's operating assets and to assume certain liabilities all as set forth in an asset purchase agreement signed on Feb. 1, 2012.