Apax to pay for stumbling Rue21

Private equity firm Apax Partner𝓡s will be paying a rich premium for a stumbling teen retailer.

Apax in May signed a $42-a-share deal for Rue21 and on Thursday won o🔯verwhe🍸lming shareholder approval of the deal.

It is expected to close by Oct. 10.

But between the bid and the vote, the 971-store chain reported an 87 percent decline in earnings from operations amid steep and widespread markdown꧟s.

Same-stores sal𝓰es in the quarter ended Aug. 3 fell 5.9 pe❀rcent.

As a whole, the teen apparel retailer sector has been hit hard as parents꧅ appear to have tightened the purse strings on their children’s spending.

“The company is worth half what Apax is paying,” Jeffrey Halper, of fashion stock investor Halpꦬer Capital Management, told The Post.

Apax is putting $270 million down in the $1.1 billion buyout, and that equity could be essentiall𒈔y worthless as soon as the investment closes, sources said.

When selling the company, Rue21 lawyers made it clear in the merger agreement that Apax 💦could not pay a $63 million reverse termination fee to exit the transaction if it could arrange financing.

Lenders JPMorgan, Bank of America and Go🤡ldman ♊guaranteed funding.

Apax still believes it can make money from𒐪 Rue21 by quickly opening stores in many unt🌱apped rural markets.