(WJET/WFXP) — Rue21, the teen apparel company, filed for Chapter 11 bankruptcy on Thursday.
According to the filing, the company, headquartered in Warrendale, Pennsylvania, plans to close all stores while conducting large-scale “going out of business” sales. All 543 U.S. stores are expected to be closed within the next two months, according to court documents.
Along with the closure of all its brick-and-mortar stores, Rue21 plans to liquidate all its intellectual properties and intangible assets.
The company said contributing factors were over $194 million in outstanding borrowings, citing negative impacts from the COVID-19 pandemic and a shift in shopping patterns from brick-and-mortar to online.
The full article is available at ozarksfirst.com.
(Story by Joshua Hallenbeck, WJET/WFXP, found at ozarksfirst.com)
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