Teen apparel retailer rue21 has filed for Chapter 11 bankruptcy and is closing all of its 541 stores, according to reports. Rue21 is roughly $200 million dollars in debt and couldn’t rebound from when it declared bankruptcy in 2017.
The retailer has two stores in Polk County. One is located in the Lakeland Mall and the other is in Posner Park in Davenport.
It’s the third bankruptcy for the debt-ridden Pennsylvania-based company, who filed for bankruptcy Thursday in Delaware, according to Reuters.
The company, which reportedly employs 5,000 people in 45 states, plans to hold going-out-of-business sales in the coming weeks.
Social media posts by people who reportedly work for the retailer say they had no warning about the intended bankruptcy or closing of stores.
