Rue21 receives additional line of credit

R21 Holdings, Inc., the parent company of rue21, has announced that Bank of America Merrill Lynch has increased rue21's line of credit to 145 million million dollars.

In making today's announcement, Michael C. Appel, chairman of the board of Rue21 said, "Bank of America Merrill Lynch's decision to upsize our line of credit is a strong vote of confidence in the progress rue21 is making in rebuilding our business. As we continue to strengthen our business, we look forward to rue21 becoming a solid brand that delivers outstanding growth and profit."

"We are pleased to work with rue21 as it makes strides to rebuild its business," said Andrew Cerussi, senior vice president of Bank of America Merrill Lynch. "We will continue to work closely with rue21 to provide financial solutions to rue21 as it continues to grow the company."

Piper Jaffray served as exclusive financial advisor to rue21 in connection with its upsized line of credit with Bank of America Merrill Lynch.

Earlier this month, rue21 announced they were partnering with First Insight, Inc. to use First Insight's consumer driven predictive analytics to make design and buying decisions. This represents a new phase in their business as they work to compete with other fast-fashion retailers.