Rue21 Plans Public Offering in Upcoming Months
Pittsburgh, Bob Fisch, president and CEO of teen retailer rue21, Inc. said the company plans to have a public offering once again, The Pittsburgh Post-Gazette reported. The chain, which recently opened a new 35,000-sq.-ft. headquarters and plans to open 400 stores in the next five years, claims its double digit same-store sales for the past two years has helped the company go public once again. Although owners of the then-235-store chain reported sales of $160 million in 1998, the company filed for Chapter 11 bankruptcy reorganization in February 2002. Under Fisch’s management, sales increased as new merchandize and strategy was implemented. “We are becoming the dominant teen-specialty value retailer in the industry," Fisch said. The public offering is expected within the next 12 to 18 months.