Forever 21 filed for Chapter 11 bankruptcy for the second time in six years due to declining mall traffic and increased competition from online retailers.
Category
🗞
NewsTranscript
00:00Forever 21 filed for Chapter 11 bankruptcy for the second time in six
00:04years due to declining mall traffic and increased competition from online
00:08realtors. The company plans to liquidate its approximately 350 US stores after
00:14failing to find a buyer. Its trademark and intellectual property owned by
00:18Authentic Brands Group may continue under new ownership. Forever 21 listed
00:23assets between 100 and 500 million dollars with liabilities between a
00:28billion and five billion dollars.