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Reevemark is handling the Chapter 11 filing of the Forever 21 fast-fashion retailer as it begins the orderly wind-down of its US business, while seeking a buyer for its assets.
Brad Sell, CFO of the chain’s parent, F21 OpCo, said that Forever 21 struggled due to heavy competition from foreign brands, rising costs and economic challenges impacting its core customer base.
The Los Angeles-based company is “grateful for the many years of support from our partners and our loyal customers, who have allowed us to serve as a fashion industry leader and go-to retailer for generations,” added Sell.
Founded in 1984, Forever 21 had at its peak in 2016, 800 stores, of which 500 were in the US.
The non-US stores, and online operations are not part of the Chapter 11 filing.
Reevemark’s Hugh Burns, Renée Soto and Luc Herbowy are working the bankruptcy.
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