Rue 21 is an American specialty retailer of women’s & men’s casual apparel and accessories headquartered in the Pittsburgh suburb of Warrendale, Pennsylvania. Its clothes are designed to appeal to people who desire, wish, or feel to be 21.
Rue21 continued its growth and expansion on March 17, 2011, by announcing that it would be doubling the size of its 189,000-square-foot (17,600 m2) Distribution Center located in Weirton, West Virginia.
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Who owns Rue 21?
In February 2002, Pennsylvania Fashions Inc. filed for Chapter 11 bankruptcy protection. It was then that SKM emerged as the majority stakeholder three years after Cary Klein sold a 50% stake to the Stamford, Connecticut-based investment firm. At the time sales among the nearly 250 stores were thought to be between $180 and $200 million annually with approximately 1,800 employees.
In 2013, Apax Partners, a global private equity firm, acquired the company by funds advised for $42.00 per share in cash. rue21 filed for Chapter 11 bankruptcy protection on May 16, 2017, and emerged on September 22, 2017, after the company’s reorganization plan was confirmed by the U.S.
Bankruptcy Court for the Western District of Pennsylvania. New owners include hedge funds BlueMountain Capital Management, Southpaw Asset Management, and Pentwater Capital Management.
