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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