Forever 21 is running out of gas.A retail wake up call for many retailers.
The struggling fast-fashion retailer is considering filing for bankruptcy and is planning to close 200 stores as its efforts to find a buyer for its U.S. leases have come up short, reported Bloomberg. The company currently operates some 350 stores nationwide.
Forever 21 filed for Chapter 11 bankruptcy protection in September 2019, with a plan to close some 178 stores. It was later acquired by a group that that included Authentic Brands Group and landlords Simon Property Group and Brookfield Property Partners.
The formerly high-flying company has struggled in recent years, amid increased online competition, particularly from Chinese budget retailers Shein and Temu, and the rising popularity of resale among teen shoppers.
The reports of the second possible bankruptcy come months after CNBC reported that Forever 21 was asking landlords to cut its rent by as much as 50% in some locations in an effort to control costs.
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