Posted on 05/03/2024 5:50:01 AM PDT by Red Badger
Teen fashion retailer rue21 plans to close all of its 540 stores after filing for Chapter 11 bankruptcy for the third time Thursday.
Why it matters: The move is the latest in a series of retailers closing all their locations, including The Body Shop and 99 Cents Only.
Driving the news: In court documents, rue21 said stores are "scheduled to close in the next 4 to 6 weeks."
The company is also looking to sell its intellectual property. Flashback: The brand filed for Chapter 11 in 2017 and closed around 400 of its nearly 1,200 stores.
It also filed for bankruptcy in 2002.
Zoom out: Several other retailers have filed for bankruptcy this year — with 99 Cents Only Stores and The Body Shop also shuttering all U.S. locations, per Axios' retail bankruptcy tracker.
Crafts retailer Joann also filed for bankruptcy in March, while mall-based clothing retailer Express filed in April — with both of them aiming to survive.
Retail cannot survive in an anarcho-communist economy, where there is no law and order.
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