59°
Closures for all rue21 locations are expected to be completed within the next two months with going-out-of-business sales coming soon.
Founded in 1970, rue21 specializes in women's & men's casual apparel and accessories.
In its filing on Thursday, May 2, the company said, "It became clear that offers to buy the debtors' assets at their current worth could not exceed the expected profits from selling off the closing stores and assets.
"As a result, the debtors and their advisors focused on finding third-party consultants who could evaluate and manage the store closure sales, while also preparing each store for handover to their respective landlords."
The company, headquartered in Pennsylvania outside Pittsburgh, had first filed for bankruptcy in 2003, and then for a second time in 2017, when it closed around 400 stores.
Click here to follow Daily Voice Somers and receive free news updates.
