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City Chic to buy Avenue's e-commerce assets for $16.5M

Australian fashion retailer City Chic Collective Ltd. on Oct. 3 said it was the winning bidder for the e-commerce assets of U.S.-based specialty retailer Avenue Stores LLC, with an offer price of $16.5 million.

The asset sale is part of Avenue's Chapter 11 bankruptcy proceedings, according to the release.

If the bankruptcy court approves the deal, City Chic plans to finance the transaction using cash and new and existing credit facilities.

The court scheduled a hearing for the deal Oct. 7.