rue21
 |
|
| Type | Public |
|---|---|
| Traded as | NASDAQ: RUE |
| Industry | Retail |
| Founded | 1987 |
| Headquarters | Warrendale, Pennsylvania |
| Number of locations | 878: EOY 2012 |
| Key people |
Bob Fisch; CEO Michael Holland; SVP-CIO Mark Chrystal; SVP-Planning & Allocation |
| Products | Apparel |
| Revenue | $822 million |
| Website | www.rue21.com |
rue21 Inc., formerly known as Pennsylvania Fashions Inc. ($9.99 Stockroom, rue21) , is headquartered in the Pittsburgh suburb of Warrendale, Pennsylvania and 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.[1] It was then that SKM emerged as the majority stakeholder three years after Cary 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.[2] 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.[3]
On July 23, 2009, they opened their 500th store in Harlingen, TX.[4]
On August 12, 2010, they opened their 600th store located in North Attleboro, MA.[5]
On June 30, 2011, they opened their 700th store in New Braunfels, TX.[6]
On May 10, 2012, they opened their 800th store in Layton, UT.
On March 21, 2013, they opened their 900th store in West Plains, MO. [7]
rue21 continued its growth and expansion on March 17, 2011 by announcing that it would be doubling the size of its 189,000-square-foot (17,600 m2) Distribution Center located in Weirton, West Virginia. This expansion occurred 12 months 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." [8] This upgrade was completed in June 2012.[9]
rue21 has a website that displays their inventory of clothing, shoes, and accessories; but the site currently does not offer customers the option to shop online. rue21 plans to have their e-commerce business up and running by early spring 2014.
References [edit]
- ^ [1] Pittsburgh Business Times. “Pennsylvania Fashions files Chapter 11 ” Bizjournals. 04 Feb 2002. Web. 04 July 2012.
- ^ [2] Pittsburgh Business Times. “Former Pennsylvania Fashions exits Chapter 11.” Bizjournals. 19 May 2003. Web. 04 July 2012.
- ^ BusinessWeek. “rue21 Inc. Opens 400th Store in Zachary, LA” 5 August 2008. Web. 6 July 2009.
- ^ [3], 500th Store Opening.
- ^ [4], 600th Store Opening.
- ^ [5], 700th Store Opening.
- ^ [6], 900th Store Opening.
- ^ Global News Wire. “rue21, inc. Announces Plans to Expand Its Distribution Center in Weirton, WV” 17 March 2011. Web.
- ^ Weirton Daily Times. “rue21 expands distribution center” 27 June 2012. Web.
External links [edit]
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