Vienna, Austria - September 4,2011: Shopper walks past Forever 21 store on September 4,2011 in Vienna. Forever 21 fashion label has 480 stores worldwide and had USD 2.6 bn revenue in 2011.
NEW YORK: Forever 21 Inc filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers.
Court papers filed in Wilmington, Delaware, show Forever 21 has estimated liabilities on a consolidated basis of between US$1bil and US$10bil. The Chapter 11 filing allows the Los Angeles-based company to keep operating while it works out a plan to pay its creditors and turn around the business.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
