Forever 21 bankruptcy: Retailer is going to close up to 178 stores

16 days ago in news

Forever 21 Files for Bankruptcy

By Business of Fashion.com, September 2019

Fashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

The company said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.

The retailer received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

Read more here.

Photo: Getty images