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rue21 Issues Proxy Statement for Proposed Deal with Apax Partners

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rue21 Announces Funds Advised by Apax Close Purchase

rue21, inc. (NASDAQ: RUE) (“rue21” or the “Company”), a leading specialty apparel retailer of girls and guys apparel and accessories, announced today that it has filed its definitive proxy materials with the Securities and Exchange Commission ("SEC") in connection with its proposed acquisition by funds advised by Apax Partners. The definitive proxy materials will be mailed to stockholders this week.

As previously announced on May 23, 2013, rue21, inc. entered into a definitive agreement under which funds advised by Apax Partners will acquire all outstanding shares of rue21 for $42.00 per share in cash.

A special meeting of rue21's stockholders to consider and vote on the acquisition will be held on September 19, 2013 at 9:00 a.m. Eastern Time at the Company's headquarters at 800 Commonwealth Drive, Warrendale, Pennsylvania 15086. rue21 stockholders of record as of the close of business on August 5, 2013 will be entitled to vote at the Special Meeting.

The SKM II funds, which collectively own approximately 30% of the outstanding shares of rue21, have entered into a support agreement to vote their shares in favor of the transaction with Apax. The transaction with Apax is subject to approval by a majority of the rue21 stockholders unaffiliated with the SKM II funds and certain other specified stockholders as well as other customary closing conditions.

rue21 stockholders are encouraged to read the definitive proxy materials in their entirety, as they provide important information regarding the transaction.

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