Tuesday, August 16, 2022
  • Lowyat.NET
  • Lipstiq
  • Murai MY
  • Wanista
  • Varnam
  • Moviedash
  • Autofreaks
No Result
View All Result
Hype Malaysia
  • Celebs
    • K-pop
  • Music
    • Reviews
    • Interviews & Features
  • Movies & TV
    • Movies
    • TV
    • Features
  • Lifestyle
    • Fashion/ Beauty
    • Dining
    • Tech
    • Travels
    • News
  • Hype Picks
    • Events
    • Noms
    • Streams
    • Concerts
  • Giveaways
  • Contests
Hype Malaysia
  • Celebs
    • K-pop
  • Music
    • Reviews
    • Interviews & Features
  • Movies & TV
    • Movies
    • TV
    • Features
  • Lifestyle
    • Fashion/ Beauty
    • Dining
    • Tech
    • Travels
    • News
  • Hype Picks
    • Events
    • Noms
    • Streams
    • Concerts
  • Giveaways
  • Contests
No Result
View All Result
Hype Malaysia
No Result
View All Result
Home Lifestyle Fashion/ Beauty

Forever 21 Bankrupt & Struggling; Outlets In Asia Expected To Close Down

by Qing An
September 30, 2019
Forever 21
Share on FacebookShare on Whatsapp

The great fast-fashion American clothing store chain, Forever 21, have just filed for bankruptcy. One of the biggest name in fashion is now going under for most places.

It appears that the company is set to close to an upward of 178 stores around the world, starting with the stores with the lowest traffic. Even so, the company has step forward to ensure customers that despite their bankruptcy announcement, a significant amount of their stores will be remain open.

Source: businessinsider.com

Many stores are in negotiations with their respective landlords after the company filed for Chapter 11 bankruptcy. According to the company’s vice-president Linda Chang, the Chapter 11 allows the company to continue their business while reorganising their operation.

But the question on everyone mind is what happened? How can a brand with so much value and recognition go bankrupt? The simple answer to the question is that they simply don’t sell enough clothes.

Source: Alixblog

The rise of online shopping that’s halving their in-stores customers and steep competition from competitors such as Zara, Uniqlo, and H&M have certainly affected Forever 21. Couple that with the high rent of their retail stores location, usually at high end malls, it’s hard not be affected. This would allow us to see how they have accumulated roughly 1 to 10 billion US dollars worth of liability.

ADVERTISEMENT

However, they have receive an estimate US$275 million (RM1.15 billion) in financing from lenders with the help of JP Morgan Chase & Co as they become agents of the company. They’v also gathered another US$75 million (RM314 million) in new capital from TPG Sixth Street Partners.

The company once known for bringing fashionable clothes for very affordable prices will hope that their strong domestic market in Latin America and the United State can pull them through. Sadly, that won’t be the case for markets across Europe and Asia.

Source: Bloomberg , The Vocket

Follow us on Instagram, Facebook or Telegram for more updates and breaking news. 

Tags: Forever 21Forever 21 Bankrupt
Share1SendTweet1Share

ADVERTISEMENT

DON'T MISS THESE STORIES

The First-Ever Skechers Collab With Sensational Anime “Demon Slayer” Is Here!
Fashion/ Beauty

The First-Ever Skechers Collab With Sensational Anime “Demon Slayer” Is Here!

by Hype Desk
August 14, 2022

Calling all "Demon Slayer" fans! Skechers has collaborated with the smash-hit anime and brings exciting new designs for their Stamina...

Read more
Enjoy Clear Skies & Clearer Skin With Cetaphil
Fashion/ Beauty

Enjoy Clear Skies & Clearer Skin With Cetaphil

by Ai Jia Tah
August 14, 2022

Do you have sensitive skin? If you’ve ever browsed through your local drugstore or pharmacy looking for affordable, good skincare...

Read more
Meet The Top 24 Finalists Of Mr World Malaysia 2022!
Announcements

Meet The Top 24 Finalists Of Mr World Malaysia 2022!

by Hype Desk
August 13, 2022

The top 24 finalists for Mr World Malaysia 2022 are OUT!!! Following a press reveal at Bukit Bintang this week,...

Read more
CU Malaysia Opens 100th Store In Mid Valley Megamall; Exclusive Korean Meals To Enjoy
Coverage

CU Malaysia Opens 100th Store In Mid Valley Megamall; Exclusive Korean Meals To Enjoy

by Hype Desk
August 11, 2022

Ride the K-wave with Korea's number one and largest convenience store, CU, as they established a milestone in Malaysia! In...

Read more

TOP STORIES TODAY

  1. 1

    K-pop Idol-Turned-Adult Streamer Somyi Turns Heads With Her Underboob Bikini

  2. 2

    Actress Samantha Ko Prefers Doing Sex Scenes Without Protection

  3. 3

    Wanna Work For MsPuiyi? Netizens Are Vying For The 2 Job Positions Available

  4. 4

    Locals Delighted To See Pangkor Swarming With Anchovies

  5. 5

    (Video) Thai National Muay Thai Boxer Passed Away After Getting Punched By Malaysian Fighter

Malaysia’s live-wire for the latest news, trends, and entertainment is finally here. We are your calendar, your grapevine, your comic relief, your post-event coverage, and your celebrity stalker. Did we also mention that we are also your gateway to the world?



Contact us: newsdesk@hype.my



  • About
  • Advertise
  • Jobs
  • Terms
  • Privacy Policy

©2022 Vijandren Ramadass. All Rights Reserved.

No Result
View All Result
  • Celebs
    • K-pop
  • Music
    • Reviews
    • Interviews & Features
  • Movies & TV
    • Movies
    • TV
    • Features
  • Lifestyle
    • Fashion/ Beauty
    • Dining
    • Tech
    • Travels
    • News
  • Hype Picks
    • Events
    • Noms
    • Streams
    • Concerts
  • Giveaways
  • Contests

©2022 Vijandren Ramadass. All Rights Reserved.

We use cookies to improve your experience. Learn more