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Forever 21 prepares for potential bankruptcy filing: Bloomberg @ 2019-08-31T20: Back Hot News
Keyword:Forever 21
Concept:
ME WHEN I SAW THAT FOREVER 21 IS PREPARING FOR A POTENTIAL BANKRUPTCY FILING PIC.TWITTER.COM/JGIUXENAYJ
A BANKRUPTCY FILING WOULD HELP THE COMPANY SHED UNPROFITABLE STORES AND RECAPITALIZE THE BUSINESS, SAID THE PEOPLE, WHO REQUESTED ANONYMITY DISCUSSING PRIVATE NEGOTIATIONS. REPRESENTATIVES FOR FOREVER 21 DIDN’T RESPOND TO A REQUEST FOR COMMENT.
APPAREL RETAILER FOREVER 21 IS CONSIDERING FILING FOR BANKRUPTCY AS EFFORTS TO RESTRUCTURE ITS DEBT RUN DRY, A PERSON FAMILIAR WITH THE SITUATION TOLD CNBC.
IT"S BEEN ANOTHER WEIRD WEEK IN RETAIL. FOREVER 21 RECENTLY RELEASED A COLLECTION THAT MAKES US WONDER HOW THE RETAILER COULD POSSIBLY STAY OPEN FOREVER, DJ KHALED FLEXED HIS DESIGNING MUSCLES AND EVERYONE"S FAVORITE SUMMER TREAT GOT A MAKEOVER.
NOW, A FOREVER 21 BANKRUPTCY DOESN’T APPEAR AS DEVASTATING AS SAY A CHAPTER 11 FILING FROM JC PENNEY. BUT A FOREVER 21 BANKRUPTCY WOULD BE PROBLEMATIC FOR THE COUNTRY’S MALL OWNERS, LIKE BROOKFIELD PROPERTY PARTNERS OR SIMON PROPERTY GROUP, BLOOMBERG SAID. “FOREVER 21 IS ONE OF THE BIGGEST MALL TENANTS STILL STANDING AFTER A WAVE OF BANKRUPTCIES IN THE RETAIL SECTOR,” THE STORY SAID.
WHILE SIMON HAS NOT RESCUED ANY OTHER STRUGGLING RETAILER SINCEAEROPOSTALE, THE MALL OPERATOR MAY BE CONSIDERING A SIMILAR APPROACH FORFOREVER 21, ACCORDING TO REPORTS BY BLOOMBERG AND CNBC. FOREVER 21 REPORTEDBLOOMBERG IN LATE JUNE, HAS “A SMALL FACTION” WITHIN THE COMPANY WHOSUPPORT WORKING OUT INVESTMENT DEALS WITH LANDLORDS AS A POTENTIAL WAYFORWARD FOR THE BUSINESS. THE SAME REPORT, HOWEVER, SAID FOREVER 21CO-FOUNDER DO WON CHANG AND OTHERS OPPOSE SELLING A STAKE TO SIMON OR OTHERLANDLORDS.

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