Rue21 Files for Bankruptcy
RUE21 FILES FOR BANKRUPTCY AS RETAIL WOES DRAG ON
Wausau-Rhinelander, WI (WSAW) – Rue21 is the latest retailer to fail.
The chain of teen clothing stores says it has filed for Chapter 11 bankruptcy protection and is closing about a third of its 1,200 locations.
In a press release., the company said it is streamlining to “better align the size of its footprint with market realities, and focus on its hundreds of highly performing locations.”
Rue21 is trying to secure $175 million in financing to stay afloat, subject to court approval.
The company joins a long list of traditional retailers struggling in an economy that is moving online.