A Springfield Mall staple, Rue21, is closing as part of a Chapter 11 bankruptcy protection filing by the retail company, writes Daniella Genovese for Fox Business.

The company is closing all of its stores and selling its intellectual property as it implements “going out of business” sales.

It is the third time the company has filed for bankruptcy.

There are 541 of the teen clothing stores in the U.S., and 21 in Pennsylvania, according to the Rue21 website. The Springfield location is the only one listed for Delaware County.

The company tried to sell the business but was unable to find a buyer that would pay more than what the company could earn just by liquidating its inventory.

The company has racked up roughly $194.4 million in debt.

The company was founded in 1970 as Pennsylvania Fashions Inc. The retailer first filed for bankruptcy protection in 2003, at which time it reorganized, changed its name to Rue21 and and expanded its 170 stores over the next five years, according to Wikipedia.

A second Chapter 11 bankruptcy filing took place in 2017, at which time the company closed 400 stores, Reuters has reported. That reduced its debt by $700 million. 

Read more about the closing of Rue21 at Fox Business.