The company made the following announcement on its website: "The retail environment in recent years has been challenging across the industry. Despite great efforts Avenue Stores has not been operating at an acceptable level of profitability to sustain itself. This decision—difficult but necessary—will allow Avenue to strengthen our online business."
The company's website stated stores will remain open as usual for now and that individual store closing dates have not yet been announced. Store closing sales are expected as part of the closing process.