The details
As part of the Chapter 11 bankruptcy, the company will begin to slow its business while conducting liquidation sales at its stores. Forever 21’s locations outside of the U.S. are operated by other licensees and are not included in the Chapter 11 filings, according to the release.
“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies,” said Brad Sell, chief financial officer of Forever 21, in a statement.
The first hearing will be held Feb. 18 at a federal court in Delaware.
Digging deeper
Forever 21 is a clothing brand that offers clothing for men and women at an affordable price, as stated on its website. The company has more than 540 stores globally and online.
What's next?
Stores will remain open and will begin liquidation sales at its locations.
Customers can find additional details at www.veritaglobal.net.
- Closing date TBD
- First Colony Mall, 16535 Southwest Freeway, Ste. 550, Sugar Land; Pearland Town Center, 11200 Broadway St., Ste. 340, Pearland; Katy Mills, 5000 Katy Mills Circle, Ste. 330C, Katy; Willowbrook Mall, 7925 FM 1960 Road W., Houston; The Woodlands Mall, 1201 Lake Woodlands Drive, Ste. 100, The Woodlands; Baybrook Mall, 1408 Baybrook Mall, Friendswood; Deerbrook Mall, 20131 Hwy. 59 N., Ste.2290, Humble
- www.forever21.com
