Plus-size clothing retailer City Chic Collective has emerged as the winning bidder for the e-commerce assets of American clothing chain Avenue Stores after the company filed for bankruptcy in early August.
City Chic Collective, which operates 104 stores under the same name across Australia and New Zealand, announced last week it had placed a "stalking horse" bid for Avenue's online assets, which include a "well-established" customer database and inventory.
After a bidding process, City Chic won the auction with a winning bid of $US16.5 million. The bid must be approved by the US Bankruptcy Court in Delaware before the sale goes ahead, which will be financed by existing cash reserves and debt facilities.
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