US based retail store for clothing and accessories has been recovered and conserved from bankruptcy by 3 purchasers that intend to broaden it globally.
New proprietors, Authentic Brands, Simon Property and also Brookfield Property, additionally intend to maintain open a lot of the chain’s 448 US shops. Forever 21 applied for bankruptcy last September as losses installed from its global areas.
Authentic Brands is a brand management company, Simon Property operates malls and Brookfield Property runs commercial properties.
As part of its revamp, it plans to launch new lines of jewelry, footwear and handbags.
The fashion retailer is also looking for a new chief executive to drive the company forward. Its three owners want to work with new and existing partners to expand in Europe, the Middle East and South East Asia, along with China.Forever 21 has around 600 stores globally across 57 countries.
When it announced last year it had filed for Chapter 11 bankruptcy protection in the US, Forever 21 said it planned to exit most locations in Asia and Europe, but would remain in Mexico and Latin America. Some analysts said the retailer had lost its way and fallen out of favor with young US shoppers who preferred cheaper clothing.
Headquartered in Los Angeles, Forever 21, like a number of its bricks-and-mortar opponents, has actually battled with increasing competitors from online sellers.
One of the chief reasons for its fallout is wider options available online for the youth who want to invest only a little on clothing and accessories. Though initially it gained popularity because of variety of its pocket friendliness with the youth it couldn’t sustain among tough competition.
