The apparel company Rue21 has become the latest retailer to announce it is going out of business.
The Warrendale, Pennsylvania-based company filed for Chapter 11 bankruptcy on Thursday – the company previously filed for bankruptcy in 2003 (when it was Pennsylvania Fashions Inc.) and in 2017. Rue21 plans to close all of its 543 stores over the next two months.
In addition to the store closures, the company is also planning to liquidate its intellectual properties and intangible assets. Rue21 cited more than $194 million in outstanding borrowings and shifts in the retail environment and shopping trends for its demise.
Photo: Mr. Satterly / Wikimedia Commons
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