WARRENDALE, Pa., Sept. 22, 2017 /PRNewswire/ -- rue21, Inc. ("rue21" or the "Company"), a leading teen specialty apparel retailer, today announced that it has completed its financial restructuring and has emerged from the chapter 11 process.
Melanie Cox, Chief Executive Officer of rue21, said, "We are pleased to be moving forward with rue21's next chapter of growth as a highly performing and distinctive retailer."
On May 15, 2017, the Company filed a voluntary petition for reorganization under chapter 11 of the Bankruptcy Code, and entered into agreements with certain of its lenders to reduce the Company's debt and provide additional capital in support of its restructuring. The Company's Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania on September 11, 2017.
The Company was represented by Kirkland & Ellis LLP as its legal advisor, Rothschild Inc. as its investment banker and financial advisor, and Berkeley Research Group, LLC as its restructuring advisor.
rue21, a leading teen specialty retailer, believes that fashion plays an important role in the journey to self-discovery. Choose a style, make it your own. You're an individual, and you need fresh, feel-good pieces that let you totally own it. That's why the retailer works to make the latest trends affordable and available to anyone. Its mission is to make fashion everyone's playground. Headquartered just north of Pittsburgh, Pennsylvania, rue21 currently operates 758 stores in 45 states in shopping malls, outlets and strip centers, and on its website. For more information, visit www.rue21.com. The freedom to be you is rue!
SOURCE rue21, Inc.