Rue21 files bankruptcy for third time, to close all stores

Teen clothing retailer rue21 has once again filed for bankruptcy and will now close all stores .

>> Read more trending news

The store that touts selling “the trendiest clothing at affordable prices” had filed for bankruptcy in 2002 and 2017, according to Bloomberg .

Going-out-of-business sales will be held over the next month to month and a half. The owners are also selling the company’s intellectual property, separate from the clothing sales.

The store is headquartered in Warrendale, Pennsylvania, and is majority-owned by Blue Torch Capital, The Wall Street Journal reported. It currently has 540 locations across the country.

Reuters reported that the company tried to sell off the business but no buyer would pay more than the retailer would earn by liquidating.

It has 4,900 employees and is currently $194.4 million in debt, according to Reuters .

In the filing on Thursday, it listed assets and liabilities of between $100 and $500 million, Bloomberg reported.

There are four rue21 locations in the greater Jacksonville area:

-Avenues Mall, 10300 Southside Blvd Space 1500A, Jacksonville, FL 32256

-Orange Park Mall, 1910 Wells Rd A 10A, Orange Park, FL 32073

-River City Marketplace, 13221 City Station Dr Suite 105, Jacksonville, FL 32218

-Lake City Mall, 2469 W US Hwy 90 Space 179, Lake City, FL 32055