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Fast-fashion retailer Forever 21 has filed for Chapter 11 bankruptcy in the U.S. for the second time in six years, citing declining mall traffic and intense competition from e-commerce. The filing, made in Delaware, lists assets between $100 million and $500 million, with liabilities ranging from $1 billion to $10 billion.
The company, unable to secure a buyer for its 350 U.S. stores, is expected to begin liquidation sales while exploring a potential court-supervised sale of its assets. However, if a buyer emerges, it may shift from full closure to a going-concern transaction. Forever 21 confirmed that its U.S. stores and website will remain operational, while international locations remain unaffected.
Forever 21 was acquired out of bankruptcy in 2019 by Sparc Group, a joint venture between Authentic Brands Group, Simon Property Group, and Brookfield Asset Management. In January, its ownership transitioned to Catalyst Brands, formed through the merger of Sparc Group and JC Penney. Authentic Brands retains Forever 21’s trademark and intellectual property, leaving room for the brand’s potential revival.
The retailer, founded in 1984 by South Korean immigrants in Los Angeles, was once a favorite among young shoppers for trendy, affordable fashion. At its peak in 2016, it operated 800 stores worldwide, including 500 in the U.S. However, shifting consumer behavior and the decline of mega malls have significantly impacted its business.
CEO of Authentic Brands, Jamie Salter, previously admitted that acquiring Forever 21 was "the biggest mistake I made." While the future of the brand remains uncertain, its legacy in fast fashion may continue in a new form under Authentic Brands.
