As several retailers plan to shutter physical stores and refocus efforts on digital commerce, Rue21 has said that it will open 15 more stores in the new year.
These new locations will join the retailer's existing 673 stores across 45 states.
The company's CEO Bill Brand said in a statement that this announcement "is a testament to the leadership of the CFO and the entire executive team in executing our operating strategy and putting us in the enviable position of investing in building the Rue21 brand, new digital capabilities and opening more new stores."
Rue21 is able to support its growth plans due to a strong financial position. The company has come to an agreement with Bank of America and Tiger Finance to refinance its existing term loan, increase available liquidity and lower its cost of capital. The retailer's total liquidity currently exceeds 100 million dollars.
"Today is an exciting day as we've accomplished our goal of putting Rue21 on a secure financial footing in the most unprecedented of times," said Michele Pascoe, Rue21's CFO, commented. "I want to thank Bank of America and Tiger Finance for recognizing our focus on working capital productivity and gross margin expansion, and for providing us with the opportunity to emerge from a post-pandemic world in a position to accelerate Rue21's growth.