Teen apparel and accessories retailer Rue 21 has filed for bankruptcy protection and plans to close all of its remaining stores.

The longtime mall fixture will close its 540 outlets in the next four to six weeks and sell its intellectual property, the company said in its filing at U.S. Bankruptcy Court in Delaware.

Rue 21, based in Warrendale, PA, cited in its filing "underperforming retail locations, the continued growth of online shopping and industry competition, inflation and macroeconomic headwinds, and difficulties raising capital in an amount sufficient to meet liquidity needs and [to] fund operations."

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