25,000 creditors
US fashion retailer Forever 21 files for insolvency
The US fast fashion retailer Forever 21 has filed for insolvency. This is the second application in six years. According to the application, there are up to 25,000 creditors and the liabilities are between one and five billion US dollars.
Kronen Zeitung als bevorzugte Google-Quelle hinzufügen Forever 21's estimated assets amount to between 100 and 500 million US dollars. The company cited dwindling footfall in shopping centers and increasing competition from online retailers as the reason for its insolvency.
The stores and website are to remain open in the USA. International operations will not be affected, it said. Forever 21 is represented in at least 57 countries, including Vienna (two stores). All stores in Europe were closed during the bankruptcy in 2019. International locations in Europe and Asia were subsequently closed, with some stores remaining closed altogether.
The US chain offers clothing and accessories for teenagers, young women and men. It used to be called Fashion21 and was aimed more at children and teenagers. The first store was opened in Los Angeles in 1984.
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