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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Kering    KER   FR0000121485

KERING (KER)
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PPR : Plus-Sized Clothing Retailer United Retail Files For Chapter 11

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02/01/2012 | 02:52pm CEST

Plus-sized clothing retailer United Retail Group voluntarily filed for Chapter 11 bankruptcy approval as it looks to sell itself to the private-equity firm Versa Capital Management.

United Retail, a unit of Redcats USA, owns 433 Avenue women's apparel stores and said it is seeking relief from disproportionately high costs for many of its leases that were signed prior to the recession.

"Through Chapter 11 relief and a lease renegotiation process, the turnaround of Avenue can continue, enabling the business to emerge stronger, with fewer liabilities, and with better store profitability," said Chief Executive Dawn Robertson.

The company signed an asset purchase agreement with an entity controlled by Versa Capital, which it plans to submit to the bankruptcy court as the stalking horse bid for a court-supervised auction of the business.

Versa Capital has agreed to buy the company's assets through the bankruptcy process for cash and the assumption of certain liabilities. The firm has also agreed to operate Avenue as a going concern while keeping most of its stores open.

United Retail arranged for a $40 million debtor-in-possession credit facility from its existing revolving credit lender, Wells Fargo & Co.(>> Wells Fargo & Company), to provide sufficient working capital for Avenue to continue its operations as usual.

Redcats USA, a division of PPR SA (>> PPR), said selling United Retail will allow it to focus its business online. The company sells men's and women's plus-size apparel, home products and sporting goods through websites that include Woman Within, KingSize, BrylaneHome and Sportsman's Guide.

 
   -By Melodie Warner, Dow Jones Newswires; 212-416-2283; [email protected] 

Stocks mentioned in the article : Wells Fargo & Company, PPR
Stocks mentioned in the article
ChangeLast1st jan.
KERING 1.23% 436.3 Real-time Quote.9.67%
WELLS FARGO 0.14% 52.6001 Delayed Quote.-13.37%
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Financials (€)
Sales 2018 16 035 M
EBIT 2018 3 270 M
Net income 2018 2 250 M
Debt 2018 2 093 M
Yield 2018 1,61%
P/E ratio 2018 23,74
P/E ratio 2019 22,03
EV / Sales 2018 3,54x
EV / Sales 2019 3,23x
Capitalization 54 683 M
Chart KERING
Duration : Period :
Kering Technical Analysis Chart | KER | FR0000121485 | 4-Traders
Technical analysis trends KERING
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 445 €
Spread / Average Target 3,3%
EPS Revisions
Managers
NameTitle
François-Henri Pinault Chairman & Chief Executive Officer
Jean-Philippe Bailly Chief Operating Officer
Jean-Marc Duplaix Group Chief Financial Officer
Baudouin Prot Director
Patricia Barbizet-Dussart Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
KERING9.67%66 870
INDITEX - INDUSTRIA DE DISEÑO TEXTIL-15.68%93 778
FAST RETAILING CO LTD4.23%46 812
ROSS STORES-3.65%29 276
ZALANDO-1.53%13 235
PRADA S.P.A.36.40%12 527