The fast-fashion retailer filed for Chapter 11 bankruptcy for a third time on Thursday and is seeking to close its 541 stores.

Rue21, a specialty fashion retailer of apparel and accessories, has filed for Chapter 11 bankruptcy and will close all of its stores. The Allegheny County-based clothing retailer filed for bankruptcy on Thursday in the United States Bankruptcy Court for the District of Delaware.

Teen clothing retailer rue21 has filed bankruptcy to close its stores and sell its brand, marking the third time the business has sought court protection and the latest sign of trouble for mall-based outlets.

The teen clothing retailer operates roughly 540 locations in malls and other outlets across the US, according to court documents.

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.

Rue21 filed for Chapter 11 bankruptcy and plans to close all of its 543 U.S. store within the next two months.

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.

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