Forever 21, the teen-facing fast fashion brand, has filed for Chapter 11 bankruptcy protection in the US and will shut 350 of its 815 global stores. Its substantial real-estate cost, and lagging innovation and sustainability efforts have been blamed for its latest cuts.
The brand, founded in 1984 and once headquartered in Los Angeles; will shut 178 US stores and exit from much of Europe and Asia to instead operate primarily in Mexico and Latin America. The restructure has been a few months coming and it has received $350m in financing to mount a revival.
Linda Chang, Read full story ›
Source: The Drum
Industry News
