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Forever 21 files for bankruptcy, will shutter most stores in Asia, Europe

Forever 21 has obtained $275 million in financing from lenders with JPMorgan Chase & Co. as agent, as well as $75 million in new capital from TPG Sixth Street Partners and its affiliated funds

Forever 21 looks to script a new story
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Forever 21’s signature bright-yellow shopping bags have become a rarer sight as Generation Z consumers shifted rapidly over to e-commerce

Eliza Ronalds-Hannon & Lauren Coleman-Lochner | Bloomberg
Forever 21 Inc. filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers.

Court papers filed in Wilmington, Delaware, show Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion. The Chapter 11 filing allows the Los Angeles-based company to keep operating while it works out a plan to pay its creditors and turn around the business.

Forever 21 has obtained $275 million in financing from lenders with JPMorgan Chase & Co. as agent, as
Topics : Forever 21

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First Published: Sep 30 2019 | 9:56 AM IST

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