Rue21
Encyclopedia
Formerly known as Pennsylvania Fashions Inc., rue21 Inc., headquartered in Warrendale, Pennsylvania, is a specialty discount retailer of young men and women’s casual apparel and accessories. On November 13, 2009, rue21 announced its initial public offering. The company trades on the NASDAQ under the symbol "rue". The company is led by president and CEO Robert Fisch with Saunders Karp & Megrue (SKM) as its majority stakeholder.
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 Mr. 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.
The company exited Chapter 11 as rue21 Inc. in May 2003 after undergoing voluntary reorganization. It set out an ambitious plan to expand its 170 stores over the next five years. Rue21 opened its 400th store in Zachary, Louisiana, in August 2008 stating it planned to open 100 stores that year.
rue21 continued its growth and expansion on March 17, 2011 by announcing that it would be doubling the size of its 189000 square feet (17,558.7 m²) Distribution Center located in Weirton, West Virginia. This expansion comes 12 months after after a Distribution Center upgrade that included a new pack-to-light system as well as upgrades to the warehouse management system. CFO Keith McDonough stated ""The recently completed Distribution Center upgrades, including additional packing capacity, new systems and performance metrics, coupled with this planned expansion, gives us the ability to support our current stores and gives us the flexibility for our planned future growth,"
On August 12, 2010, they opened its 600th store located in North Attleboro, MA.
On June 30, 2011, rue21 opened its 700th store located in New Braunfels, TX.
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 Mr. 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.
The company exited Chapter 11 as rue21 Inc. in May 2003 after undergoing voluntary reorganization. It set out an ambitious plan to expand its 170 stores over the next five years. Rue21 opened its 400th store in Zachary, Louisiana, in August 2008 stating it planned to open 100 stores that year.
rue21 continued its growth and expansion on March 17, 2011 by announcing that it would be doubling the size of its 189000 square feet (17,558.7 m²) Distribution Center located in Weirton, West Virginia. This expansion comes 12 months after after a Distribution Center upgrade that included a new pack-to-light system as well as upgrades to the warehouse management system. CFO Keith McDonough stated ""The recently completed Distribution Center upgrades, including additional packing capacity, new systems and performance metrics, coupled with this planned expansion, gives us the ability to support our current stores and gives us the flexibility for our planned future growth,"
Updates
On July 23, 2009, they opened their 500th store in Harlingen, TX.On August 12, 2010, they opened its 600th store located in North Attleboro, MA.
On June 30, 2011, rue21 opened its 700th store located in New Braunfels, TX.