Freight forwarder company Boateng Logistics permanently shuttered its business as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate. The Carlsbad, Calif., company listed assets up to $50,000 and $1 million to $10 million in liabilities.

Teen apparel retailer rue21 (RUET.UL) filed for Chapter 11 bankruptcy protection for a third time on Thursday, seeking to shut down its 540 stores and sell its intellectual property.

rue21, a fashion retailer with more than 500 stores announced it will be closing all its locations. This file photo from Nov. 18, 2021, shows a rue21 store at Capital City Mall in Lower Allen Township, P.A. (PennLive.com/Dan Gleiter) (PennLive.com/Dan Gleiter)

Rue21's underperforming retail doors, along with increased competition, led to operational losses and its third Chapter 11 filing since 2003.

Clothing company Rue21 has filed for Chapter 11 bankruptcy for the third time in 21 years. The retailer plans to hold going-out-of-business sales for the next four to six weeks.

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

On May 2, Rue 21, a majority of which is owned by Blue Torch Capital, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. It listed $100 million-$500 million in assets and liabilities in its petition.

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.