Forever 21 operator files for bankruptcy in the US

US stores will remain open as Forever 21's operating company "begins its process of "winding down".

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcastsRadioAudio FAQsVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveWeatherNewslettersForever 21 operator files for bankruptcy in the US1 day agoShareSaveJoão da SilvaBusiness reporter, BBC NewsShareSaveGetty ImagesUS stores and website will remain open as Forever 21's operating company "begins its process of winding down"Forever 21 could be a step closer to shutting down operations in the US after the brand's operating company filed for bankruptcy protection.

The firm said in a statement that its stores and website in the US will remain open as it "begins its process of winding down".

Forever 21 was once a favourite of young women around the world, but it has struggled to attract customers to its shops because of rising prices and the growing popularity of online shopping.

The company filed for bankruptcy protection for the first time in 2019, but a group of investors ended up buying it through a joint venture.

"We have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies... as well as rising costs, economic challenges impacting our core customers," Brad Sell, the company's chief financial officer said in a statement.

https://www.bbc.com/news/articles/ce8vlpe0ey5o

---