Fast-fashion retailer Forever 21’s U.S. division has filed for Chapter 11 bankruptcy for the second time in six years, citing declining mall traffic and growing competition from online retailers. The company plans to hold liquidation sales while seeking buyers for some or all of its assets.
Fast-fashion retailer Forever 21’s U.S. division has filed for Chapter 11 bankruptcy for the second time in six years, citing declining footfall in shopping centres and increasing competition from online retailers.
The company announced plans to hold liquidation sales in its stores while simultaneously pursuing a court-supervised sale and marketing process for some or all of its assets. It stated that its stores and website in the United States will continue to operate as usual, with international locations remaining unaffected.
According to a filing with the bankruptcy court in the District of Delaware, Forever 21 reported estimated assets valued between $100 million and $500 million, while liabilities ranged from $1 billion to $5 billion. The filing also indicated that the company has between 10,001 and 25,000 creditors.
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Business Secretary Jonathan Reynolds will hold talks with Lotus after the carmaker moved to ease concerns over the future of its UK factory.
A notorious hacking group known as “Scattered Spider” has breached the networks of several airlines in the US and Canada this month, according to the FBI and cybersecurity experts.
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Business Secretary Jonathan Reynolds will hold talks with Lotus after the carmaker moved to ease concerns over the future of its UK factory.
A notorious hacking group known as “Scattered Spider” has breached the networks of several airlines in the US and Canada this month, according to the FBI and cybersecurity experts.
Severe storms overnight triggered mass flight cancellations and delays at Atlanta’s Hartsfield-Jackson Airport, just as the busy 4th of July travel period begins.
France will impose its toughest outdoor smoking restrictions starting Monday, banning smoking at beaches, parks, playgrounds, and bus stops.
Russia’s Culture Minister Olga Lyubimova arrived in North Korea on Saturday with a large delegation, calling cultural ties between Moscow and Pyongyang stronger than ever.
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