CHILLICOTHE, Ohio — Popular teen clothing company rue21 has filed for bankruptcy for the third time, reportedly announcing plans to close all remaining stores, including its Chillicothe location. The retailer, known for fashion aimed at teens and young adults, attempted to sell the business but found no buyers willing to outbid the potential earnings...
CHILLICOTHE, Ohio — Popular teen clothing company rue21 has filed for bankruptcy for the third time, reportedly announcing plans to close all remaining stores, including its Chillicothe location.
The retailer, known for fashion aimed at teens and young adults, attempted to sell the business but found no buyers willing to outbid the potential earnings from liquidating its assets.
Rue21 employs approximately 4,900 people and carries $194.4 million in debt. This marks the company’s third bankruptcy filing, following previous filings in 2003 and 2017. In 2017, a bankruptcy deal allowed rue21 to reduce its debt by $700 million and close around 400 stores. At its peak, the company operated 1,000 mall-based locations across the U.S.