Rue21, a mall staple, files for bankruptcy and will close all of its stores
CNN
Rue21, a mall staple for teen apparel, is going out of business and closing all of its 540 stores within the coming weeks.
Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks. The Pittsburgh-based company filed for bankruptcy Thursday for the third time in its existence, signaling the end of nearly 50 years in business for the retailer, which had 1,200 locations at its peak just a few years ago. The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. It also filed for bankruptcy in 2003. In a court filing, interim CEO Michele Pascoe said that Rue21 was “negatively impacted by challenges stemming from the Covid-19 pandemic and related adverse market trends, including a shift in consumer shopping patterns from traditional brick-and-mortar retailers to online retailers and changing consumer preferences.” Pascoe said that Rue21’s bankruptcy was caused by “under-performing retail locations, increased industry competition and the uptick in online shopping, inflation and macroeconomic headwinds, and challenges raising capital.” A major problem that led to Rue21’s downfall was its “growing irrelevance of the brand to teen consumers,” according to Neil Saunders, managing director and retail analyst at GlobalData Retail.
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