Inspiration meets innovation at Brandweek, the ultimate marketing experience. Join industry luminaries, rising talent and strategic experts in Phoenix, Arizona this September 23–26 to assess challenges, develop solutions and create new pathways for growth. Register early to save.
Forever 21, the retailer that served as a fast-fashion pioneer has filed for Chapter 11 bankruptcy. The news was announced late Sunday night.
Because Forever 21 is filing for Chapter 11 bankruptcy, rather than Chapter 7, it will be begin the process of undergoing a cost-cutting restructuring to try to save the business, rather than a complete closure. The retailer has secured $275 million to assist in the restructuring, from JPMorgan Chase Bank, an its existing lender and an additional $75 million in new capital from TPG Sixth Street Partners.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in