Rue 21 filed for Chapter 11 bankruptcy for the third (and final) time last week
Rue 21, the fashion retailer founded in 1970 as Pennsylvania Fashions Inc., is closing the doors to its Cookeville location for good in the coming weeks, according to reports.
This following news that Rue 21 filed for Chapter 11 bankruptcy for the third (and final) time last week. The company had filed for bankruptcy twice before, once in 2003 and in 2017, Reuter’s originally reported. Over that period, 400 stores closed, and the company was $700M in debt.
Rue 21 will close all 543 stores nationwide (including the 15 Tennessee stores). The company’s website is currently offline.
4,900 employees will be out of a job and the company will be 194.4 million in debt once the company closes shop for the final time. Rue 21 has not released a statement, but is expected to offer a closeout sale.
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