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Rue 21 restructuring under Chapter 11

Written by The Associated Press | May 16, 2017 11:57 AM
store_closing.jpg

(Cranberry, PA) -- Teen clothing retailer rue21 is restructuring and filing for Chapter 11 bankruptcy protection about a month after announcing it would close roughly 400 stores to focus on online sales.

The company announced last month that it is shuttering the stores, leaving it with more than 700 stores in 48 states.

The company based in Cranberry, north of Pittsburgh, announced Tuesday that its bankruptcy filing accompanies agreements with lenders to restructure some debt and obtain more capital.

The company says it could wind up closing more stores before it emerges from bankruptcy in the fall.

A federal bankruptcy judge must approve the Chapter 11 plan which includes up to $175 million in financing from various lenders. That money will help the company pay employees, vendors and honor gift cards.

Below is a list of closings in Pennsylvania compiled by the Associated Press on April 17, 2017:

Indiana Mall -- Indiana

Grove City Premium Outlets --Grove City

Shenango Valley Mall -- Hermitage

Galleria at Pittsburgh Mills --Tarentum

Tanger Outlet Center --Washington

Nittany Mall --State College

Exton Square Mall -- Exton

Richland Marketplace --Quakertown

Cranberry Mall -- Cranberry Township

Oxford Valley Mall -- Langhorne

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