Rue21, a mall staple, files for bankruptcy and will close all of its stores

Rue21, a mall staple for teen apparel, is going out of business and closing all of its stores within the coming weeks. The Pittsburgh-based company filed for bankruptcy for the third time, signaling the end of nearly 50 years in business. Rue21, which had 1,200 locations at its peak, has been struggling financially despite a previous bankruptcy in 2017. The company blames the Covid-19 pandemic and changing consumer preferences for its downfall. Neil Saunders, a retail analyst, cited the brand’s irrelevance to teen consumers as a major problem. Rue21’s stores will close soon, and the company will sell its brand name.