Suppliers, vendors and other unsecured creditors of Forever 21 are “getting smoked” under a restructuring plan that envisions paltry recoveries on debts owed by the bankrupt fast fashion retailer, a lawyer for the company’s unsecured creditors said on Tuesday. At a virtual hearing before a Delaware-based U.S. bankruptcy judge, attorney Justin Alberto, who represents a…
Fast-fashion retailer Forever 21’s U.S. operating company on Sunday filed for Chapter 11 bankruptcy for the second time in six years, hamstrung by dwindling mall traffic and mounting competition from online retailers. The move likely means liquidation for the company, which was unable to find a buyer for its roughly 350 U.S. stores. Its trademark…
Representative image The U.S.-based operator of Forever 21 was preparing to close at least 200 more locations as part of a bankruptcy process expected to kick off as soon as next month, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. The potential bankruptcy is also looking for a buyer for the…
