Forever 21 owner of the trademark called buying the trade ‘the biggest mistake’ before bankruptcy star-news.press/wp

Clothing Store Forever 21 is long synonymous with shopping centers across the United States. The fast fashion giant, which previously submitted bankrupt in 2019. year, once again faced with financial excessive.

Seller requested Chapter 11 for protection for the second time, citing competition from Fast companies abroad and the inability to maintain the locations of natural stores.

Why is it important

Forever, 21 decided for the second time, marking another significant blow in the retail industry.

Last submission 11. Chapters came only six years after the company’s first bankrupt in 2019. Years. The scrolling continued the challenges for brick and mortar brands, as they have moved operational habits and growing operating costs and form operating costs and making operating costs, and some traders made it difficult for some traders.

When Forever is 21 Bankrupt Files?

Forever 21 officially submitted to bankruptcy protection 11. March, according to official records.

The company stated that it will continue its US companies “while continuing to run the marketing process to seek interest rates for disposal of transactions or selling some or all of its funds”, according to the public statement.

Forever 21’s off-US locations manage other licenses and are not included in Chapter 11.

The submission of bankruptcy comes due to the decline in sales. In a statement to the public, Brad Sales, Chief Financial Officer (CFO) forever, stated “foreign fashion companies” as the main source of business competition.

Sales mentioned that some of these companies are able to use the exception to the minimis-or consent of the goods in value or below $ 800 to enter the lawsuit – “to enter a lawsuit dealing with prices and margins. “

The minimis rule gives us the Chinese e-commerce jobs, such as Shein and the topic, allowing them that prices are low.

In February, President Donald Trump temporarily stopped their administration plans for removing the clause while your new wave tariff in China.

“While we assessed all the possibilities to best position the company for the future, we are not able to find a sustainable path forward,” said the public in a statement.

Who owned forever 21?

Forever 21 was originally founded in 1984. year, Chang and Jin Sook Chang, who expressed Marko in a fashion power plant before the first bankruptcy in 2019. Years.

After that bankrupt, the company gained a consortium consisting of Simon Group Real Estate, a Brookfield object of partners and authentic Groups Group (ABG).

According to Reuters, forever 21 is currently owned by the catalyst brands, which were formed earlier this year. However, ABG has a trademark and intellectual property for forever 21.

Despite the efforts to modernize and restructure, it continued to fight forever.

Jamie Salter, General Manager of ABG, was recognized last year that the acquisition of sellers “is one of the biggest mistakes”, the company reported, as reported by the LIX job. At that time he said he strives for the weight on the partnership that the job had with Shein.

Will it be completed forever forever?

With closing all American shops, customers can expect the sale of liquidation to the remaining locations.

The company has not yet announced the official closure strap, but the first court for society, with an essential judge in the United States of Delaware, will take place on Tuesday at 11 am et.

According to its website, forever 21 is located in more than 540 locations on a global level and online.

Will it be available online forever?

Despite the fasteners, it is forever, the digital presence in 21. years continue, according to the press release. Forever is expected to be able to stay operational, allow customers to buy online as a company’s transactions away from physical shops.