Fast Fashion’s Forever 21 Files for bankruptcy in us

Forever Forever 21 in the United States presented on Sunday to obtain bankruptcy 11 for the second time in six years, through the Twindling Mall competition and the online retail installation competition.

This step is likely to mean liquidation of the company, which has not been able to find a buyer of approximately 350 American stores.

The company said that its international stores are still not affected.

Its brand and intellectual ownership – which still maintains an entity called the original brand group – may live differently.

The MEGA-Mall era ends

The rise of e -commerce, associated with slow death in the Mega Mall Mall, was a continuous wind of Forever 21. It was previously presented to Chapter 11 in 2019 and was purchased from bankruptcy by Sparc, a joint venture between Mosaure Morns Authentic Brands Agractic and Simon operators Property Group and Brookfield.

Forever 21 said that she will conduct liquidation sales in its stores with a sale and marketing process at one time for some or all its assets.

The company included its estimated assets in the range of $ 100 million to 500 million dollars, according to the submission of a file with the bankruptcy court in Dilayer Province, where liabilities range in the range of $ 1 billion to 10 billion dollars. The deposit also showed creditors in the range of 10,001 to 25,000.

If a successful sale is performed, Forever 21 said it might move away from the full operations of the operations to facilitate continuous treatment.

The company said that its stores and location in the United States will remain open and will continue to serve customer.

Intellectual property can live on

Forever 21 owned by Catalyst Brands, an entity formed on January 8 by integrating the former owner of Forever 21, Sparc Group, and JC Penney, a chain of stores owned since 2020 by the commercial center operators and the Simon Property Group.

When Catalyst brands were formed, he said in a statement that it was “exploring strategic options” for Forever 21.

The original brands will continue to own the brands and intellectual ownership of Forever 21, which can live in some way.

Jimmy Salter, CEO of Ague Mrnove Salter, called for Forever 21, “The biggest mistake made”.

It was founded in Los Angeles in 1984 by South Korean immigrants, forever at its peak was common among young shoppers on a tour of elegant but reasonable clothes. By 2016, it managed about 800 stores worldwide, with 500 of them in the United States.