Rue21 Closing All 540 Stores – Liquidation Sales Happening Soon

Rue21, a teen apparel company, has filed for Chapter 11 bankruptcy protection for a third time, seeking to shut down all 540 stores and sell its intellectual property.

The company is basically saying, “Hey, if we try to sell, we won’t get more than if we just sold all our stuff and closed up shop.” Word on the street is, the clearance sales are supposedly kicking off on May 3rd, so be on the lookout!

The retailer has previously filed for bankruptcy in 2003 and 2017 and has approximately 4,900 employees and $194.4 million in debt. At its peak, it had 1,000 stores in malls throughout the U.S. The company closed about 400 stores during its 2017 bankruptcy in order to cut $700 million in debt. Unfortunately, the company continued to struggle and was hit hard by a shift to online shopping.