Well-known mall retailer closing all 540 stores nationwide
Teen apparel chain rue21 has filed for Chapter 11 bankruptcy and will close all 540 locations.
There are 12 rue21 locations in Alabama.
Court documents show the stores will close in the next four to six weeks after going-out-of-business sales. The company’s website currently says it’s being updated and will be back soon.
The chain was up for sale but no buyer was willing to pay more than what the company could earn by liquidating, Reuters reported. It’s the third time the Pennsylvania-based company has filed for bankruptcy, following filings in 2003 and 2017.
Rue21 currently has some 4,900 employees and $194.4 million in debt, reports states. At its peak it has more than 1,000 stores in malls across the U.S.