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Rue 21 (Pennsylvania Fashions, Inc.), a leading specialty retailer of young women's and men's apparel, is pleased to announce that Robert Fisch has joined the Company as President and Chief Executive Officer. In connection with Mr. Fisch's joining Rue 21, the Company today also announced that it had completed an amendment of its senior credit facility, which will provide the Company with additional capital to continue its growth plan and for working capital needs. Mr. Fisch had been President of RNF Consulting Group, a retail management consulting firm. He previously was President of Casual Corner Group, Inc. and founded the Casual Corner & Co. division. Bob built the Casual Corner & Co. division from a three store test to one of the leading value-priced women's specialty chains with over 275 stores located in outlet centers, strip centers and regional malls throughout the United States. Previously, he was President and CEO of T.H. Mandy for U.S. Shoe Corporation and Senior Vice President of Jordan Marsh for Federated Department Stores. Bob started his career at Abraham & Straus in New York. Rue 21, headquartered in Warrendale, PA, is one of the largest outlet value retailers operating 256 retail stores in malls and outlet centers throughout the United States. The Company offers a broad assortment of the latest fashion trends for men and women aged 15 to 30 at prices often 25-40% below those of its competitors for comparable quality items. In 1998, Rue 21 received an investment from Saunders Karp & Megrue ("SKM"), a Stamford, CT based private equity investment firm, and has since pursued an expansion plan resulting in the opening of approximately 50 new stores. Saunders Karp & Megrue is a private merchant bank that invests as partners with management in a broad spectrum of growth companies. The firm currently manages over $1.7 billion in three private equity funds. SKM aligns itself with superior management teams, typically in stable, profitable companies, and its emphasis is on growth and value creation, not financial engineering. SKM's investments include Dollar Tree Stores, The Children's Place, Hibbett Sporting Goods, Charlotte Russe Holding and Targus Group International.
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