Jim Smith

VERSA CAPITAL ACQUIRES UNITED RETAIL: An affiliate of Philadelphia-based Versa Capital said Monday it has completed the acquisition of certain assets of United Retail Group. The operator of plus-size women’s fashion apparel has been immersed in bankruptcy proceedings since February. Out as chief executive is Dawn Robertson. Versa said the new management team is led by Elizabeth "Liz" Williams, with Jim Smith as chief financial officer. Williams is the former long-time president of Fashion Bug. Versa also said the company has "substantial capital from Versa’s $650 million fund and a $50 million credit facility led by Wells Fargo." Gregory

United Retail Group, owner of the Avenue brand of women’s fashion apparel, announced that it's seeking court approval for the acquisition of its operating business by an affiliate of Versa Capital Management. Pending court approval by the U.S. Bankruptcy Court for the Southern District of New York and the successful closing of the transaction, Versa, a private equity firm with significant experience in revitalizing retail operations, has agreed to acquire a majority of the company's operating assets and to assume certain liabilities all as set forth in an asset purchase agreement signed on Feb. 1, 2012.