113: Avenue Down and Out
from Connecting Dots Hosted by Fixed Cost Financial
Sponsored by Fixed Cost Financial, Inc. The home of Fixed Cost Investing℠ 212-433-2525 Liquidation Announced Everything Goes - Big Cuts Online FB Flurry LLC, is owed about $1.5 million and is the largest unsecured creditor in papers filed in the U.S. Bankruptcy Court in Wilmington, DE. According to the Wall Street Journal: "Avenue said in April it had completed a “successful refinancing of its outstanding capital structure.” PNC Bank provided a $45 million revolving credit facility and Versa provided new capital." PNC made a bad bet. Disclaimer Connecting Dots is a production of Fixed Cost Financial, the home of fixed cost investing. All rights reserved. Re-broadcast or distribution prohibited without express written authorization. Connecting dots is for educational use only. Investment Performance Is Not Guaranteed. Past performance is not indicative of future results. This broadcast does not take into account your particular investment objectives, financial situation or needs. Nothing should be construed as an individual recommendation. Always read and all applicable information carefully before making an investment decision. Investments are not bank guaranteed, not FDIC insured. and may lose value. Due to our extensive holdings and that of our clients, you should assume that we have a position in all companies discussed and thus a conflict of interest should be assumed.
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What this episode covers
Plus-size apparel retailer Avenue Stores will close all of its locations and began liquidation sales. A lack of brand loyalty, debt, and failure to adapt and adjust to competition killed a once clever idea. All things run their course, and their runway ended.
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