Rue21, a teen apparel company, has filed for Chapter 11 bankruptcy protection for a third time, seeking to shut down all 540 stores and sell its intellectual property. Check your local store to see if they’ve already started closing, mine was marked 80-90% off!
The company has stated that the attempt to sell the business, would not pay more than liquidating its inventory in a “going out of business” sale and shutting down its stores. It is rumored that liquidation sales will be starting May 3rd, so keep your eye out!
The retailer has previously filed for bankruptcy in 2003 and 2017 and has approximately 4,900 employees and $194.4 million in debt. At its peak, it had 1,000 stores in malls throughout the U.S. The company closed about 400 stores during its 2017 bankruptcy in order to cut $700 million in debt. Unfortunately, the company continued to struggle and was hit hard by a shift to online shopping.
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