The potential bankruptcy is also looking for a buyer for the retailer's remaining stores. However, if no qualified buyer emerges, Forever 21 would likely liquidate its entire chain of about 350 stores, the report added.
THE US-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 retailer's remaining stores. However, if no qualified buyer emerges, Forever 21 would likely liquidate its entire chain of about 350 stores, the report added.
The Forever 21 trademark and intellectual property are owned by apparel chain operator Authentic Brands, which licenses them to the operating company that would undergo a Chapter 11 process, Bloomberg said.The US operator of Forever 21 is called F21 OpCo. The report added that the company is now a unit of JCPenney and Lucky-owner Catalyst Brands.According to Catalyst Brands' website, it operates SPARC Group's brands Aéropostale, Eddie Bauer, Lucky Brand and Nautica.
21 Plans Nearly 200 Store Closures
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