Avenue Stores closing 96 stores as part of restructuring
Rochell Park, N.J. -- Avenue Stores announced it has begun the process to close 96 stores over the next three months. The company previously announced plans to selectively close and consolidate stores in order to finalize a geographic footprint that maximizes profitability and sales growth potential.
Upon completion of the closures, the company will continue to operate more than 300 stores in 34 states, and offer online shopping,
During the closing process, the affected stores will offer extraordinary sales on remaining inventory. The sales will begin immediately.
“This kind of necessary step is always a difficult decision given the impact on employees and customers, but it is an important step in concluding our successful recent restructuring, and will allow us to focus our resources,” said Elizabeth “Liz” Williams, CEO of Avenue Stores. “We will be offering our customers significant discounts at the closing stores during the closing process.”
The retailer said that while it is presently consolidating its base, it intends to return to new store growth at the appropriate time in the future.