Mr. Rags Closing
Long Beach, Calif.–based retailer Mr. Rags announced plans to liquidate inventory at its 63 stores, including 21 stores in California. The 18-year-old chain sought Chapter 11 bankruptcy protection in January and has been unable to secure financing or find a buyer for the business.
The company will sell off its inventory of young men’s and women’s urban and skate apparel and will lay off approximately 315 full-time and part-time employees. The company said it is working with state and local agencies to help employees find new jobs. —Alison A. Nieder
