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Forever 21’s US operating company, F21 OpCo, filed for Chapter 11 bankruptcy, seeking to sell some or all of its assets. This is the company’s second bankruptcy in six years. The move comes after a plan to close 200 stores and lay off 350 employees in Los Angeles. The company will undergo an “orderly wind-down” while seeking a buyer, with some stores and the website remaining open. Authentic Brands Group will retain ownership of Forever 21’s intellectual property, and may license the brand to other operators. The company’s struggles are attributed to increased competition from online retailers and a shift away from fast fashion.
