National fashion chain to shut down all 540 stores in weeks

Rue21, a national teen fashion chain, is set to close all 543 of its stores within four to six weeks. The closures are part of a Chapter 11 bankruptcy filing, with the company planning to liquidate all merchandise through escalating discounts, potentially reaching up to 90% off. Despite attempts to sell the chain, liquidation was deemed more financially viable.

The company, which once boasted 1,200 stores at its peak, has struggled with financial issues, exacerbated by a shift to online shopping and a loss of relevance among its target demographic. This closure marks Rue21's third bankruptcy filing, with previous filings in 2003 and 2017. The future of the Rue21 brand and intellectual property remains uncertain, as they are up for sale and could potentially be acquired and revived by competitors.