In a filing last week with U.S. Bankruptcy Court in the District of Delaware, Rue21 said it will close all of its stores over the next two months and hold “going out of business” sales. It will also sell its intellectual property.

Syracuse, NY - The chain rue21, a national clothing retailer specializing in trendy teen clothing and shoes, is closing all of it stores, including the one at Destiny USA, after filing for bankruptcy last week.

The affordable teen clothing retailer is filing for bankruptcy for the third time in its history. It means all of its Wisconsin locations will close.

Rue21 filed for Chapter 11 bankruptcy and plans to close all of its 543 U.S. store within the next two months.

The Pittsburgh-based company filed for bankruptcy Thursday for the third time in its existence, signaling the end of nearly 50 years in business for the retailer, which had 1,200 locations at its peak just a few years ago.

Rue21, a mall staple for teen apparel, is going out of business and closing all of its 540 stores within the coming weeks.

The retailer said it has been losing money due to the growth of online shopping, industry competition, inflation and other factors.