Pikachu Posted September 30, 2019 Share Posted September 30, 2019 https://www.nbcnews.com/business/business-news/forever-21-staple-american-malls-files-bankruptcy-protection-n1060146 Quote Forever 21, the fast fashion clothing chain anchoring shopping malls across the United States, filed for bankruptcy protection on Sunday, reporting more than $1 billion in liabilities. The company, which began with a single store in the Highland Park neighborhood of Los Angeles in 1984, filed for Chapter 11 protection, allowing it to try to reorganize its debts and remain in business. That's less drastic than a Chapter 7 filing, which would have required the company to sell off its assets to pay its creditors. In documents filed in U.S. Bankruptcy Court in Wilmington, Delaware, Forever 21 Inc. said it had liabilities between $1 billion and $10 billion owed to more than 100,000 creditors. It reported assets in the same $1 billion-to-$10 billion range. The company said in a letter to its customers that it had requested approval to close "a number of stores across the U.S." pending discussions with landlords. It didn't say how many of its more than 500 U.S. stores might close, but it sought to reassure customers that "you will not see any changes in our stores, gift cards will continue to be accepted, and our policies, including returns and exchanges, remain the same." Quote Link to comment Share on other sites More sharing options...
Spawn_of_Apathy Posted September 30, 2019 Share Posted September 30, 2019 Like a woman claiming to be the same age for 15 years, it eventually all comes crashing down as reality becomes inescapable and nobody is buying your shit any more. 4 Quote Link to comment Share on other sites More sharing options...
Mr.Vic20 Posted September 30, 2019 Share Posted September 30, 2019 Forever (Chapter) 11 Quote Link to comment Share on other sites More sharing options...
chakoo Posted September 30, 2019 Share Posted September 30, 2019 https://ca.finance.yahoo.com/news/forever-21-shuttering-all-canadian-stores-as-it-files-for-bankruptcy-155511576.html “In a statement released Sunday, Forever 21 Canada’s chief financial officer Bradley Sell called the decision to wind down operations and launch a court-supervised liquidation process “not easy to make.”” fantastic name Quote Link to comment Share on other sites More sharing options...
Chadatog Posted September 30, 2019 Share Posted September 30, 2019 I really thought this was one of the Ancestry like companies at first glance Quote Link to comment Share on other sites More sharing options...
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