The Apparel Retailer Rue21 is Opening 15 New Locations in January
Daniel Johnson — December 28, 2020 — Business
References: rue21 & retaildive
Ruue21, the apparel retailer, will open 15 new brick and mortar locations beginning in January in addition to the three new locations it opened this year.
Rue21 is currently performing better than many other retailers in the apparel industry despite the current situation surrounding COVID-19. Its current position is partly attributed to surviving Chapter 11, which the company filed for in 2017. After filling, Rue21 was able to scale down and close 4000 stores, and also reduce debt by millions of dollars. After filing for bankruptcy, the company went through a leadership change where it is now being run by lenders from Apax Partners, a private equity firm.
Michele Pascoe, the Chief Financial Officer of Rue21 stated that the apparel retailer was surpassing year over year sales projections.
Image Credit: Rue21
Rue21 is currently performing better than many other retailers in the apparel industry despite the current situation surrounding COVID-19. Its current position is partly attributed to surviving Chapter 11, which the company filed for in 2017. After filling, Rue21 was able to scale down and close 4000 stores, and also reduce debt by millions of dollars. After filing for bankruptcy, the company went through a leadership change where it is now being run by lenders from Apax Partners, a private equity firm.
Michele Pascoe, the Chief Financial Officer of Rue21 stated that the apparel retailer was surpassing year over year sales projections.
Image Credit: Rue21
Trend Themes
1. Brick and Mortar Expansion - Opportunity for other apparel retailers to invest in physical store expansions to tap into the potential of in-person shopping experiences.
2. Surviving Chapter 11 - Exploring innovative strategies and management changes to navigate through bankruptcy and emerge stronger with improved financial stability.
3. Outperforming During COVID-19 - Identifying and harnessing factors that have helped Rue21 thrive amidst the challenges of the pandemic to find new ways to drive sales and customer engagement.
Industry Implications
1. Apparel Retail - Exploring opportunities for growth and resilience in the apparel industry by learning from Rue21's successful positioning in the market.
2. Private Equity - Finding potential investment opportunities in distressed companies within the retail industry and applying effective restructuring strategies for financial recovery.
3. Retail Leadership - Understanding the impact of leadership changes in a retail organization and the potential of new management approaches to drive positive change and growth.
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