Nation & World

Forever 21 files for bankruptcy

People walk by the clothing retailer Forever 21 in New York City, U.S., September 12, 2019. REUTERS/Shannon Stapleton
People walk by the clothing retailer Forever 21 in New York City, U.S., September 12, 2019. REUTERS/Shannon Stapleton

Struggling fashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business.

The retailer’s bankruptcy marks another casualty among brick-and-mortar players, who have suffered from changing consumers trends of shopping online as opposed to visiting malls.

Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.