12 hours ago
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Forever 21 could be a step closer to shutting down operations in the US after the brand’s operating company filed for bankruptcy protection.
The BBC is reporting that the firm said in a statement that its stores and website in the US will remain open as it begins its process of winding down.
Forever 21 was once a favourite of young women around the world, but it has struggled to attract customers to its shops because of rising prices and the growing popularity of online shopping.
The company filed for bankruptcy protection for the first time in 2019, but a group of investors ended up buying it through a joint venture.
Brad Sell, the company’s chief financial officer said in a statement, that they have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies, as well as rising costs, economic challenges impacting our core customers.
The firm said it would conduct liquidation sales at its stores and that some or all of its assets would be sold in a court-supervised process.
English (US) ·