Popular fashion brand Forever 21 files for bankruptcy

NEW YORK, Sept 30 — Struggling fashion retailer Forever 21 Inc said yesterday it has filed for Chapter 11 bankruptcy protection to restructure its business.

The retailer’s bankruptcy marks another casualty among brick-and-mortar players, who have suffered from changing consumers trends of shopping online as opposed to visiting malls.

Forever 21 said it received US$275 million (RM1.15 billion) in financing from its existing lenders with JPMorgan Chase Bank, NA as agent, and US$75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. — Reuters

Source: MalayMail