Another popular mall retailer now files an unexpected bankruptcy after failing to to regain the enthusiasm it enjoyed during the early 2000s.
Rue 21, a store primarily marketed at teen and tweens seeking trendy but affordable clothing, has filed for Chapter 11 bankruptcy.
“Rue 21 sells everything from party dresses to graphic tees, but has struggled to regain the enthusiasm it enjoyed during the early 2000s when choices were more limited and trendy fast fashion shops weren’t a dime a dozen.
Or shop-able on TikTok,” reports TheStreet.
On May 2nd, Rue 21, a majority of which is owned by Blue Torch Capital, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
The company listed $100 million-$500 million in assets and liabilities in its petition.
Blue Torch Capital owns approximately 78% of the retailer.
Rue 21 will attempt to sell itself, though it’s not clear whether it has any interested parties at this time.
This is the third time Rue 21 has filed for bankruptcy.
In 2002, the company filed for Chapter 11 under its prior label, Pennsylvania Fashions.
It then reorganized and attempted to expand, exiting Chapter 11 in 2003 and renaming itself Rue 21.
Then in 2017, Rue 21 announced it would close 400 stores and file for bankruptcy once again.
It re-emerged in September 2017 and announced in 2020 that it would pivot more of its focus to plus sized and size inclusive offerings.
Rue 21 has not officially commented on the most recent filing.
As of the time of this publication, its website is down, with a black message reading, “Our site is being updated, please check back soon.”
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.
Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.
The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.
They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.
“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.
“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”
Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.
Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.
The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.
“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.
Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.
Despite the Minneapolis closures, due will remain open.
“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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