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Forever 21 Files for 2019’s 35th Major US Bankruptcy

Executive Summary

On September 29, 2019, Forever 21 announced it had begun voluntary Chapter 11 proceedings in the US bankruptcy court.

  • Forever 21 intends to use Chapter 11 protection to undertake a global restructuring to focus on a core of profitable parts of its operations.
  • As part of its restructuring strategy, the company plans to exit most international locations in Asia and Europe but will continue operations in the US, Mexico and Latin America.
  • To facilitate its restructuring, Forever 21 has obtained $350 million in financing.

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