The American Fast Fashion dealer Forever 21 has applied for bankruptcy. This is the second application within six years. According to the application, there are a maximum of 25,000 creditors, the obligations are between one and five million US dollars.
The estimated assets from Forever 21 amount to $ 100 to $ 500 million. The company gave the reason for the bankruptcy number of visitors in shopping centers and increasing competition from online trade.
The stores and the website must remain open in the US. International operation is not influenced, it said. Forever 21 is represented in at least 57 countries, including in Vienna (two branches). All branches in Europe were closed during the 2019 bankruptcy. Subsequently, international locations in Europe and Asia were abandoned and some stores were completely closed.
The American chain offers clothing and accessories for young people, young women and men. It used to be called Fashion21 and was more intended for children and adolescents. The first company was opened in Los Angeles in 1984.
Source: Krone
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