Skip to main content

Forever 21 Files Chapter 11, Seeks a Buyer to Keep U.S. Stores, Website in Operation

The other shoe dropped for Forever 21 on Sunday night when the teen retailer filed for bankruptcy for the second time and began the process of winding down its U.S. operations. The Chapter 11 filing is for F21 OpCo LLC, operator of the company’s U.S. stores and licensee of the Forever 21 brand. The retailer’s intellectual property and international operations are not impacted. Looking for a quick process, the company will hold liquidation sales at its stores while simultaneously conducting a court-supervised sale and marketing process for some or all of its assets. The company will also file a motion with the court seeking the authority to market F21 OpCo’s assets through an auction. If an interested buyer is found, the company said, it may pivot away from a full wind-down of the business. For the time being, the company’s stores and website in the U.S. will remain in operation. F21 OpCo has filed motions with the court seeking approval to use its cash to pay employee wages and benefits and other expenses to keep the business operating through the Chapter 11. Forever 21 was purchased out of bankruptcy for around $300 million in February 2020 by Authentic Brands Group, Simon Property Group and Brookfield Property Partners,

Follow WWD on Twitter or become a fan on Facebook.



from WWDRecent Stories https://ift.tt/XZK4o9b
Labels:

Comments

Post a Comment

Popular posts from this blog

The 12 Best Floral Delivery Services to Easily Order Christmas Flowers Online

If you purchase an independently reviewed product or service through a link on our website, WWD may receive an affiliate commission. Few gift ideas have stood the test of time quite like a stunning bouquet of flowers filled with a variety of lush, blooming florals along with sprigs of complimentary greenery. Sending an arrangement of flowers is everyone’s favorite go-to gift idea to spread love on Mother’s Day, a birthday, anniversary, to say thanks, or simply show appreciation for someone special in your life. And at this time of year, sending flowers makes for an always-cherished holiday gift as well. Although fresh bouquets won’t last forever, they’re a heartwarming gift. “Flowers are something that makes everyone smile,” says Emily Reifel, director of social events at The Plaza Hotel in New York City. “With flowers, you don’t have to do anything. It’s easy — it comes, it’s beautiful, and the recipient just gets to enjoy the beauty of it. There’s no work on their end at all.” We’ve ...
Post a Comment
Read more

Kobe Bryant and wife ‘had deal to never fly in helicopter together’

The basketball star and his daughter tragically died in a helicopter crash this week Kobe Bryant and his 13-year-old daughter Gianna both tragically died in a helicopter crash this week. And, while the NBA basketball player would regularly use helicopters to travel around Los Angeles, his wife Vanessa Bryant had previously agreed to never fly with him. A source told PEOPLE: “He and Vanessa had a deal that they would never fly on a helicopter together.” They added that Kobe “only” flew in helicopters with pilot Ara Zobayan , who was among the seven others killed in the crash, alongside Kobe and Gianna. READ MORE CELEBRITY NEWS Kobe and Gianna are survived by Vanessa, and their other daughters Natalia , Bianka , and Capri , who was only born in June last year. Kobe previously revealed he began using helicopters while he still played for the Los Angeles Lakers because bad traffic meant he was missing quality time with his family. He told Alex Rodriguez in 2018: “I was sittin...
Post a Comment
Read more

EXCLUSIVE: MacKenzie-Childs and Renowned Photographer Gray Malin Team Up on Winter-Coded Home Collab

If you purchase an independently reviewed product or service through a link on our website, WWD may receive an affiliate commission. “It turns out we were both fans of one another’s work,” esteemed fine-art photographer Gray Malin says of approaching home brand MacKenzie-Childs and instantly clicking with it as far as style sensibilities go. The rest, as they say, is history. Considering Malin is most known for his aerial shots featuring sunny beaches in iconic destinations (from Positano to the Hamptons), it’s quite surprising that the fruitful output of their partnership — a limited-edition, just-launched collection punctuated by 15 pieces spanning dinnerware and home accessories — is all about snow-covered mountains. Enter: The MacKenzie-Childs x Gray Malin capsule, whose design motifs are rooted in Malin’s no-less-captivating works capturing skiers amidst alpine environments. For the occasion, the featured pieces also debut a never-before-seen, icy-blue take on MacKenzie-C...
Post a Comment
Read more