This is the end of the Forever 21 era.
The brand of fast fashion, created by a team of South Korean husband and wife, won Chang and Jin Sook Chang 1984, should close as many as 200 stores as well as rumors that the company can apply for bankruptcy swirl.
The source tells people that if the restructuring of Chapter 11 is filed, it would only affect the “US Operational Forever 21 operating company, which manages the brand stores and daily retail operations in the US”, they added that the aim of reporting “will be the reconciliation of operations” to better set the company for “long-term success”.
The company’s global business would not affect any potential application.
Local outlets in New York, California, Pennsylvania, Connecticut and Washington have confirmed that more stores in their countries will be closed. Although the exact number of shutters was yet to be confirmed, local New York Outlet Syracuse.com reported that it could affect at least 200 stores.
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In addition, notifications of adjusting and retraining of workers (warnings) have been filed in California and Pennsylvania, indicating that mass release will affect employees in these areas, including multiple outlets, including several outlets, including USA Todayconfirm. These dismissals should include at least 350 workers at the company headquarters in Los Angeles, which is allegedly planned to close.
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“This decision was not made lightly,” said spokesman Forever 21 in a statement USA Today in February. “And we remain dedicated to transparency and fair treatment with our employees in this transitional period.”
People addressed MPs for Forever 21 and authentic group brands for commenting on bankruptcy reports.
Forever 21 previously bought from bankruptcy by Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $ 300 million in February 2020. USA TodayExecutive director of authentic brands Jamie Salter said earlier during the 2023 conference that the purchase of Forever 21 was “probably the biggest mistake I made”.
Forever 21 logo.
Kentaro Takahashi/Bloomberg via Getty
Sources tell people that Mark will not disappear. Instead, he is expected to move toward a more online model to better compete with the fast -paced dinos like shein and theme, eliminating many of his stores in the process.
“It is said that the US Forever 21 job is shifted to the model of the digital first, supported by simplified retail prints focused on approximately 100 stores with the best results,” they say.
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Forever 21 was the main trail in market centers throughout the country during the 90s and early ’00s, making it a popular teaching trade. However, the company struggled to compete in an era where shopping is increasingly being done online, especially among younger consumers.
The source of people says that the proposed new approach to the company “will allow the brand to respond faster to trends and deliver the curled monthly collections based on the insight into consumers” – and potentially connect with their target customers in the process.
Categories: Trends
Source: HIS Education