Popular teen/young adult store rue21 is closing around 400 of it’s 1,200 locations and filing for Chapter 11 bankruptcy protection, according to CNN.
Rue21 seeks $175,000,000 in financing to stay in business, if approved by a court.
According to a press release, Rue21 is making changes to “better align the size of it’s footprint with market realities, and focus on it’s hundreds of highly performing locations.”
Click2Houston reports 38 Texas locations will close, including:
Retail continues to battle on-line sales with some companies, including Bebe, deciding to focus their sales attention that direction. Bebe plans to close all stores by month’s end.
In a research report from last month, brokerage firm Credit Suisse predicts up to 8,600 stores will close this year.