Forever 21 fashion chain files for Chapter 11 bankruptcy protection
Nearly a decade ago, before Instagram influencers existed, Forever 21 helped teen girls dress like their favorite celebrities, for cheap.
Once popular among teenagers in the 2000s for its affordable but eye-catching designs, Forever 21’s signature bright-yellow shopping bags have become a rarer sight as Generation Z consumers -- those born from 1998 onward -- shifted rapidly to e-commerce and streetwear brands.The bankruptcy filing could help Forever 21 get rid of unprofitable stores and raise fresh funds, allowing the private, family-held company to restructure its flailing business for a new generation.
“The key to successfully effectuating this restructuring is speed and cooperation,” the company said in court papers. “Forever 21’s DIP facilities are highly conditioned on moving quickly through these cases with support from all major stakeholders, including lenders, trade vendors, and landlords.” The bankruptcy filing followed months of discussions with stakeholders over how to salvage the business. Chief among those parties are the retailer’s biggest landlords, including mall owners Simon Property Group Inc. and Brookfield Property Partners LP.
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Forever 21 files for bankruptcy and will close up to 178 US storesForever 21, the teen clothing emporium that rode America's mall boom and bust, says it is planning to overhaul its global business, closing between 300 and 350 stores, including as many as 178 in the United States.
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Forever 21 files for bankruptcy, intends to close up to 178 storesForever 21, the teenage clothing emporium that rode America's mall boom and bust, said on Sunday that it filed for Chapter 11 bankruptcy.
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Forever 21 fashion chain files for Chapter 11 bankruptcyForever 21 says it will close up to 178 stores as the fashion chain files for Chapter 11 bankruptcy.
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Forever 21 fashion chain files for bankruptcyForever 21 was founded in 1984 and, along with other so-called fast-fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s.
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Forever 21 files for bankruptcy, intends to close up to 178 storesForever 21, the teenage clothing emporium that rode America's mall boom and bust, said on Sunday that it filed for Chapter 11 bankruptcy.
Baca lebih lajut »
Forever 21 files for bankruptcy and will close up to 178 US storesForever 21, the teen clothing emporium that rode America's mall boom and bust, says it is planning to overhaul its global business, closing between 300 and 350 stores, including as many as 178 in the United States.
Baca lebih lajut »