Forever 21's operator is reportedly preparing for a potential bankruptcy filing, which could lead to store closures as efforts to find a buyer have been unsuccessful. At its peak, Forever 21 had over 500 US locations, but this number has now dwindled to approximately 350. As part of the bankruptcy process, the company may close nearly two-thirds of its stores. The Forever 21 brand is owned by Authentic Brands, which plans to continue its licensing through new operating and e-commerce partners after bankruptcy proceedings.
The California-based operator of Forever 21 is likely preparing to close stores as part of a bankruptcy filing, failing to secure a buyer.
Forever 21's US presence has decreased from over 500 stores to about 350, with plans to close nearly two-thirds as part of bankruptcy.
Authentic Brands owns the Forever 21 trademark and is expected to continue licensing the brand through new e-commerce partners following the bankruptcy.
Catalyst Brands, which owns Forever 21 now, previously acquired the retailer in January as part of measures to revive the struggling chain.
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