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Rue21 completes financial restructuring process
25
Sep '17
Courtesy: Rue21
Courtesy: Rue21
Teen specialty apparel retailer Rue21 has completed its financial restructuring and has emerged from the chapter 11 process. In May this year, the company had filed a voluntary petition for reorganisation under chapter 11 of the Bankruptcy Code, and entered into agreements with certain of its lenders to reduce its debt and raise additional capital.
 
The Company’s Plan of Reorganisation was confirmed by the US Bankruptcy Court for the Western District of Pennsylvania on September 11, 2017.
 
“We are pleased to be moving forward with Rue21’s next chapter of growth as a highly performing and distinctive retailer,” said Melanie Cox, chief executive officer of Rue21.
 
Rue21 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.
 
The company currently operates 758 stores in 45 states in shopping malls, outlets and strip centres, and on its website. (RKS)

Fibre2Fashion News Desk – India


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