US EditionForever 21 files for bankruptcy, closes all U.S. stores amid financial struggles
- Forever 21's U.S. operating company filed for Chapter 11 bankruptcy for the second time in six years, citing fierce competition from foreign fast fashion retailers and economic challenges affecting customers.
- The company plans to keep its U.S. stores and website open while conducting liquidation sales, as it seeks a buyer for some or all assets.
- Forever 21's estimated assets are between $100 million to $500 million, while liabilities range from $1 billion to $10 billion, with creditors numbering between 10,001 and 25,000.
- The international stores of Forever 21 will remain unaffected by this bankruptcy filing, and its trademark and intellectual property are expected to continue under Authentic Brands Group.
355 Articles
355 Articles
The internet is mourning Forever 21
Forever 21? More like Never 21, am I right, fellas?According to CNBC, the fast-fashion company filed for bankruptcy protection for the second time in six years and plans to close all its U.S. stores. People online are devastated. It's the end of an era, and Forever 21 — and the internet — are blaming other fast-fashion retailers like Shein and Temu. This Tweet is currently unavailable. It might be loading or has been removed. This Tweet is curr…
The clothing chain, Forever 21 is giving something to talk about, after the fashion retailer declared bankruptcy in the United States.Because of the effects that have hit Forever 21 in the face of rising inflation and competition, so stores like Temu and Shein have been part of this.But what happened to Forever 21?Here we tell you what happened and the influence that Temu and Shein have had that led to bankruptcy.Forever 21 declares bankruptcy; …
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
