A massive clothing retailer is now closing all locations in Georgia after the company announced an unexpected bankruptcy filing.
Fashion retailer Rue21 is closing all 39 of its locations in Georgia after filing for bankruptcy.
Rue21 is based in Pennsylvania and has 540 locations to shut, and it will soon pull out of the Peach State, according to Patch.
Photos shared on Facebook show the store is advertising liquidation sales of 50-70% off in at least some locations.
The 39 locations are spread across the state.
Atlanta and Macon will each lose two Rue21 stores.
It’s not clear how many employees in Georgia will be affected, or when exactly the last stores will shut.
All stores are set to close within the next three weeks, according to CNN.
Rue21 announced earlier this month it would close all its locations.
The company filed Chapter 11 bankruptcy, which typically does not mean a company is going out of business.
Instead, the process is meant to help companies sell off assets and restructure to eliminate debts.
Rue21 was trying to sell its stores, but failed to find a buyer that would pay more than the value of the inventory itself, according to Reuters.
The closure of all 540 stores will impact around 4,900 employees.
The company already sold hundreds of locations in a 2017 bankruptcy filing.
It also filed bankruptcy in 2003.
Now, there are only weeks remaining for shoppers to get deals from Rue21.
Rue21 is not the only fashion brand facing a major selloff.
In April, Express filed Chapter 11.
That clothing chain will remain afloat, but is shutting over 100 stores.
After weeks of speculation, seafood restaurant chain Red Lobster has filed for bankruptcy.
The company reassured diners that the company isn’t disappearing, though many locations are set to close.
For more store closure news and updates like this, opt-in for push notifications.
Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.