×
469
Fashion Jobs
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Officer Hrbp / Business HR For Garment/Textile/Apparel Industry
Permanent · Bengaluru
AAVAS FINANCIERS LIMITED
Area Sales Manager | Home Loan | Mumbai
Permanent · Bengaluru
BHARTI AIRTEL LIMITED
Territory Manager- Dth Sales - Rajahmundry
Permanent · Rajahmundry
ZYDUS WELLNESS
Zydus Wellness - Factory Manager - Sikkim Plant
Permanent · Atlanta
ANUSHÉ PIRANI
Social Media & Fashion Communications
Permanent · MUMBAI
HARSH CLEAN DHAN PVT. LTD
Area Sales Manager (Modern Trade Sales) For North East
Permanent · Guwahati
RANDSTAD INDIA PVT LTD
Area Sales Manager (Consumer Durable Industry)
Permanent · Mumbai
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
SOSYO HAJOORI BEVERAGES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
VIKRAM TEA PROCESSOR PVT LTD
Area Sales Manager
Permanent · Ahmedabad
HERITAGE FOODS INDIA
Area Sales Manager(Hyderabad & Vijayawada) @ Hfl
Permanent · Hyderabad
NASH INDUSTRIES (I) PVT. LTD.
Production Manager Position With Nash Industries-Pune
Permanent · Pune
ACCELERATE SOCIAL WELFARE FOUNDATION
Area Sales Manager
Permanent · Noida
VR INDUSTRIES PVT. LTD
Area Sales Manager
Permanent · Chennai
G.R. BATHLA & SONS
Marketing Executive/Area Sales Manager
Permanent · Ludhiana
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Cutting Manager/Production Head - Garments Industry
Permanent · Bhiwandi
KALPA ELECTRIKAL PVT. LTD
Hiring For Production in Charge/ Manager (8-15 Yrs Exp)
Permanent · Bengaluru
TARGET PUBLICATIONS
Regional Sales Manager
Permanent · Mumbai
THE BANYAN HR CONSULTS
Head HR For Garments Manufacturing Company at Chengalpattu, Tamil Nadu
Permanent · Chennai
IUMENTAS LIFE SCIENCE
Veterinary Sales Manager For The State of Assam
Permanent · Guwahati
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Plastic Manufacturing Company| Umbergaon
Permanent · Navsari
By
Reuters
Published
Apr 6, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Rue21 reportedly filing for bankruptcy as early as this month

By
Reuters
Published
Apr 6, 2017

Rue21 Inc is preparing to file for bankruptcy as early as this month, according to people familiar with the matter, as the U.S. teen fashion retailer faces a big debt pile and declining foot traffic.


Image from the Rue21 lookbook



The chain, which sells budget-priced clothing and accessories at about 1,100 stores in malls, strip centers and outlet centers across the United States, is struggling to repay a debt load of nearly $1 billion.

Much of that debt stems from a $1.1 billion leveraged buyout by private equity firm Apax Partners LLP in 2013.

Rue21 has engaged real estate advisers to help it negotiate with landlords, and an operational restructuring adviser for assistance in preparing for bankruptcy, the people said this week. The company is already working with restructuring bankers from firm Rothschild & Co, they added.

The sources requested anonymity because they are not authorized to discuss the matter with the media.

Rothschild and Apax declined to comment.

Facing default on some of its debt, Rue21 reached forbearance agreements with lenders that extend through late April, the Warrendale, Pennsylvania-based company said in a statement on Thursday.

Asked to comment on its bankruptcy plans, company spokesperson Todd Fogarty said in an email: "Rue21 has been working to improve its operations and enhance its liquidity position and has been actively engaged with its lenders and bondholders to explore the best path forward."

Bloomberg News first reported Rue21's bankruptcy plans on Thursday.

Rue21 would be the latest in a string of retailers seeking bankruptcy protection as shoppers shift their spending online.

This week, Payless ShoeSource, a retailer of discount shoes, filed for bankruptcy with a plan to immediately close 400 of its over 4,000 stores worldwide.

High-end department store chain Neiman Marcus Group LLC hired investment bank Lazard Ltd to explore ways to slash its $4.9 billion in debt, Reuters reported.

Like Rue21, Payless and Neiman Marcus have been hurt by debtloads created in private equity buyouts, preventing them from being nimble and adjusting to the changing retail environment.

Rue21 has also been hit by competitors like Zara, Forever 21 and H & M Hennes & Mauritz AM which offer similarly priced apparel.

 

© Thomson Reuters 2021 All rights reserved.