Rome Clothing Retailer is Set to Close Permanently After Company Files for Bankruptcy
In an era where Amazon and other online retailers reign supreme, brick and mortar stores are closing more and more every day. That is the case for one clothing store in Rome, New York.
Rue 21 has been a main stop for both male and female teens for years, but now due to financial hardships, the clothing retailer is being forced to file for Chapter 11 Bankruptcy and will have to shutter the doors on each and every one of their 540 U.S. based stores. That includes the Rue 21 at 105 Erie Boulevard W in Rome.
According to Fox Business,
The company has racked up roughly $194.4 million in debt. The teen clothing retailer first filed for bankruptcy protection in 2003, followed by a second time in 2017, Reuters reported. During its second filing, the company closed 400 stores, allowing it to cut $700 million of its debt, according to Reuters.
We have seen this time and time again locally and throughout the state. In-person stores and the concept of going somewhere to actually browse, try something on and purchase are quickly becoming a thing of the past and in most cases already is.
In fact, the same Fox Business article stated, "Rue21 isn't alone. In fact, the U.S. saw a significant rise in corporate bankruptcies last year. Debtwire's latest Restructuring Insights report found bankruptcy filings jumped 58% in 2023, climbing from 179 in 2022 to 282.
If Amazon and other online shopping opportunities are killing big box stores, think about what they are doing to local businesses. That is why it's important to do your best and remember to always shop local if you can. Also, shop local if the business does a good job. There is no need to support ANY business that doesn't value you, the customer.
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