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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,

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