The Strategist

US clothing manufacturer Forever 21 files for bankruptcy


09/30/2019 - 10:31



American clothing manufacturer Forever 21, Inc. filed a bankruptcy petition in the US court. The company noted in a statement that it is undergoing a bankruptcy reform process in preparation for closing non-profit stores around the world.



Phillip Pessar
Phillip Pessar
“This does not mean that we are leaving the business. On the contrary, filing an application for bankruptcy is a deliberate and decisive step that guarantees us successful promotion in the future,” the company emphasized. The remaining stores will continue to operate.

According to Bloomberg, Forever 21’s lenders JPMorgan Chase and TPG Sixth Street Partners sent the company $ 275 million and $ 75 million, respectively, to restore the brand and fulfill its obligations to customers, employees and suppliers.

The Forever 21 brand was founded in 1984 and is focused on “fast fashion”, fashionable and inexpensive clothes popular during one season.

source: bloomberg.com




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