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United Retail files bankruptcy, to sell company
Rochelle Park, N.J. -- A Wednesday report by Bloomberg said that United Retail Group Inc., parent to plus-size retailer The Avenue, has filed for Chapter 11 bankruptcy protection. The retailer cited disproportionately high leasing costs for the move and also announced plans to sell the company.
According to Bloomberg, an affiliate of Philadelphia-based private equity firm Versa Capital Management will serve as the stalking-horse bidder in a court-supervised auction.
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Pep Boys to be acquired in $791 buyout
Philadelphia -- The Pep Boys — Manny, Moe & Jack, has agreed to be taken private by private equity firm The Gores Group for about $791 million. The total transaction, including debt, is valued at about $1 billion.
Under the terms of the buyout, the Los Angeles-based Gores Group will pay Pep Boys shareholders $15 a share, 24% above the closing price on Friday.