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Forever 21 can be a step closer to the closure of operations in the US after the brand operating company has fallen for bankruptcy.
In a statement, the firm stated that his shops and website in the US would remain open because “begins its process”.
Forever 21 was once a favorite young women around the world, but he fought for attracting customers to his stores because of the price growth and increasing popularity on the Internet.
The company first applied for bankruptcy protection in 2019, but a group of investors ultimately bought it through a joint venture.
“We were unable to find a steady way forward, given the competition from foreign companies of fast fashion … as well as increasing costs, economic problems that affect our major clients,” the company’s chief financial director said in a statement.
The firm has stated that it would carry out the sale of liquidation in its stores, and that some or all its assets will be sold in the process aimed at the judicial setting.
“In case of successful sale, the company may cancel the full disconnect,” the firm said in a statement.
In Section 11, defending the US company commitment to its lenders, giving it time to reorganize its debts or selling parts of the business.
Forever 21 stores and e -commerce platforms outside the United States are guided by other license holders and will not affect bankruptcy protection applications.
Fast fashion retailer was founded in Los Angeles in 1984 South Korean immigrants.
Its inexpensive, fashion clothing and accessories have become more popular with young people over the next few decades, and the brand has become a competitor of fast fashion giants such as Zara and H&M.
At the peak in 2016, there were 800 stores worldwide, 500 of which were in the United States.
