The American Operations Company on Forever 21 on Sunday submitted a request for bankruptcy chapters 11. For the second time in six years, which has been tormented by traffic traffic traffic and competition for increasing competition than online traders.
The move probably means liquidation for a company, which could not find a customer for its approximately 350 US stores.
The company has announced that his international trades remain intact.
His trademark and intellectual property – which still holds an entity called Authentic Brands Group – can live in another form.
Mega-Mall era ends
The rise of e-trains, paired with the slow death of American Mega Mall, was a permanent wind for Forever 21. He had previously filed for Chapter 11, 2019, and was bought by Sparc from the bankruptcy, a joint investment between owners’ Authentic Brands Group and Mall operator Simon Property Group and Brookfield Asset Management.
Forever 21 said he would carry out liquidation sales at his stores, at the same time conducting a sales and marketing process conducted by a court for a or the whole property.
The company listed its estimated property ranging from $ 100 to $ 500 million, according to a submission with a bankruptcy court in Delaware County, and the obligations ranged from one billion to $ 10 billion. The submission also showed creditors ranging from 10,001 to 25,000.
In the case of successful sales, Forever 21 said it might be deducted from the full wind surgery to facilitate transaction.
The company said its stores and websites in the United States will remain open and continue to serve customers.
Intellectual property could live on
Forever 21 is owned by Catalyst Brands, an entity formed on January 8 by the merger of the previous owner Forever 21, Sparc Group, and JC Penney, a department store owned by 2020 of 2020 by the operator Mall -a Simon Property Group.
When Catalyst Brands were formed, the statement stated that “explores strategic capabilities” for Forever 21.
Authentic brands will continue to own a trademark and intellectual property of Forever 21, which could live in some form.
Executive Director Authentic Brands Jamie Salter called the Forever 21 “The biggest mistake I made last year.”
They were founded in Los Angeles in 1984 by South Korean immigrants, Forever 21 at its peak was popular with young customers on Proma for elegant but affordable clothes. By 2016, about 800 stores around the world worked, and 500 those in the United States.
