Say it isn’t so! It seems it isn’t just the smaller, more independent stores that are struggling in todays retail market. Even brands with locations around the globe are feeling the heat and filing for bankruptcy.
According to Bloomberg, the company has been dealing with high amounts of debt and is looking to restructure its debt, however the negotiations with possible lenders have stalled. This leaves us wondering what will happen to the retailers over 800 stores in 57 countries, including Canada.
Instagram/@anaasma1
If the chain were to close a significant amount of stores, it’s predicted that the landlords would have some trouble filling the vacancies.
A Chapter 11 filing would help Forever 21 get rid of stores that are underperforming. This would therefore help recapitalize the business, reports Business of Fashion.
Featured Image: Flickr
Articles You May Be Interested In;
Why Bankruptcy Doesn’t Always Mean It’s The End For Brands
The Running List Of Retail Store Closures And Bankruptcies In 2019
Are Fast Fashion Bricks-And-Mortar Stores On The Way Out?
What it’s Like Shopping at the Forever 21 Under 15 Outlet in Mississauga
Forever 21 Accused Of Stealing Designs From Local Canadian Designers