The Fashion Brand Forever 21 Has Declared Bankruptcy

World | September 30, 2019, Monday // 12:46| Views: | Comments: 0
Bulgaria: The Fashion Brand Forever 21 Has Declared Bankruptcy

The US-based apparel company Forever 21 which was founded in 1984, filed for bankruptcy. The fashion brand, which has stores in Bulgaria, however, does not intend to completely withdraw from the market, but rather to use this move as a way to clear its business from non-working assets, in particular, from non-profit shops. The sites that survive this type of restructuring will continue to operate, the company said in a statement.

"the decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords."

"We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.," the company said.

"This does not mean going out of business, on the contrary, filing for bankruptcy is a deliberate and decisive step that will allow us to successfully move forward," the company said in a statement quoted by Bloomberg.

It is reported that the company will close 178 out of its 815 stores.

According to the agency, the brand's creditors, JPMorgan Chase Bank and TPG Sixth Street Partners paid the fashion company $ 275 million and $ 75 million, respectively, to restore the brand's work and fulfil obligations to customers, suppliers and employees.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: fashion brand, bankruptcy, Forever 21
Advertisement All Are Welcome! Join Now!
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria