Vidostream | News, sport and opinion from the Vidostream's US Edition

https://vidostream.com

Fast-fashion staple Forever 21 files for bankruptcy again

F21 OpCo, operator of the low-cost clothing brand, says stores will remain open while it begins winding down operations.

The Forever 21 store at New York’s Times Square in December 2014. (iStock)

The Forever 21 store at New York’s Times Square in December 2014. (iStock)

The U.S. operator of Forever 21 has filed for Chapter 11 bankruptcy, bringing the brand that helped pioneer the low-price, on-trend retail model of fast fashion closer to shutting down hundreds of stores across the country.

A shopping mall staple throughout the 2010s, Forever 21 has struggled to keep up with shifting tastes among younger consumers, the rise of e-commerce and increasing global competition. Sunday’s filing marks the second time in six years the retailer has sought bankruptcy protection.

Forever 21’s website and stores will remain open while the company begins winding down operations and seeks a buyer for some or all of its assets, its operator said in a statement late Sunday. Court filings stated that stores had been directed to host liquidation sales of remaining stock. The brand’s international stores are not affected.

Read More (...)

Author: Leo Sands and Taylor Telford

Source: The Washington Post

We are using cookies to give you the best experience on our website. By continuing to browse, you are agreeing to our Cookie Policy.
You did not use the site, Click here to remain logged. Timeout: 60 second