Struggling fashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business.


READ MORE:
Calgary’s only Forever 21 location closes its doors

The retailer’s bankruptcy marks another casualty among brick-and-mortar players, who have suffered from changing consumers trends of shopping online as opposed to visiting malls.

WATCH: Ariana Grande sues Forever 21 for $10 million






Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

WATCH: (From 2017) Who will purchase bankrupt American Apparel?









LEAVE A REPLY

Please enter your comment!
Please enter your name here