The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Another retailer is struggling to stay afloat.
This time, it's teen clothing company Rue21, which filed for Chapter 11 bankruptcy protection Monday in a Pennsylvania court.
"These actions are being undertaken with the goal of strengthening the Company's balance sheet, achieving a more efficient cost structure, and concentrating resources on a tighter retail footprint in order to pave the best path forward for rue21," CEO Melanie Cox wrote in a statement.
Rue21 said it has entered into agreements with some of its lenders to reduce its debt and to provide additional capital in support of its restructuring, according to a release, but the company expects to continue normal business operations throughout the process.
The retail chain, which operates more than 1,100 stores, has listed its assets and liabilities in the range of $1 billion and $10 billion, according to Monday's court filing.
"The restructuring is an important step forward in rue21's ongoing business transformation into a more focused and highly performing retailer," the company added in a statement.
Rue21 also warned that it could evaluate additional store closures now, in addition to the already-planned 400 closures that began in April.
The retailer said it has reached agreements to obtain up to $125 million in debtor-in-possession (DIP) financing from its existing lenders, and up to $50 million in new money term loan DIP financing from a group of its existing term loan lenders.
The new financing will support day-to-day operations during the reorganization, Rue21 explained, such as paying employee wages, fulfilling agreements with vendors and honoring existing customer programs like gift cards.
"Looking ahead, I am confident that the outcome of this process will be a stronger and more sustainable rue21 for our customers, vendors and business partners," CEO Cox remarked.
Rue21 adds to a long list of retailers that have filed for bankruptcy of late, as it becomes more difficult for brick-and-mortar locations to draw customers in, with more shoppers opting to spend money online.
In April, for example, discount shoe retailer Payless ShoeSource filed for bankruptcy.
Kirkland & Ellis will serve as Rue21's legal advisor. Rothschild will be its investment banker and financial advisor. Berkeley Research Group is Rue21's restructuring advisor during this process, the company said.