Rue21 files for bankruptcy as retail woes drag on

``The chain of teen clothing stores says it has filed for Chapter 11 bankruptcy protection and is closing about a third of its 1,200 locations... In a press release, Rue21 said it is streamlining to "better align the size of its footprint with market realities, and focus on its hundreds of highly performing locations." The company said it may consider closing even more stories. Rue21 is trying to secure $175 million in financing to stay afloat, subject to court approval.''