The US fashion chain Forever 21 has a form of the creditor for its operational company F21 OPCO: internal protection requested, as the Reuters news agency reports. The reason for this is declining customers: internal frequencies in the branches and the increasing competition from online retailers: inside. The international stores of Forever 21 outside the United States are not affected by this procedure.
Forever 21 has applied for a so -called Chapter 11 Bankruptcy. In Germany, this corresponds to a procedure, similar to the restructuring according to the company stabilization and structure law (Starug), the company offers the opportunity to reach an agreement with creditors: to avert bankruptcy.
The company confirmed in a statement that Reuters is presenting that it will gradually reverse its activities in the USA. It was previously reported in the media that Forever 21 could dissolve its branch network of around 350 shops, no: e buyer: in find. Now there is obviously a liquidation.
Forever 21 had already passed a comparable “Chapter 11” process in 2019, which led to the closure of several locations and to retreat from the markets in Japan, the EU and Great Britain. The company was later taken over by the Authentic Brands Group, the Simon Property Group and the Brookfield Property Group, who wanted to focus on the gene Z customers of the brand, faster market launch processes and a more sustainable supply chain.
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