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Another retailer has filed for bankruptcy

Facebook/Rue21

The teen clothing retailer Rue 21 has filed for Chapter 11
bankruptcy protection.

The company on
Tuesday said it had entered into agreements with lenders to
reduce the companys debt and provide additional capital in
support of a restructuring.

Rue21, which has 1,179 stores across the US, will continue
operating its stores during the bankruptcy proceedings.

The retailer started closing 400 stores last month, and it has
said it is considering closing more.

The company listed its assets and liabilities in the range of $1
billion to $10 billion.

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