Retailer Forever 21 Files for Bankruptcy for Second Time

Bloomberg News

Summary

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A once popluar clothing chain that was once a staple in malls across America has filed for its second bankruptcy in five years.
Daily Mail
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Forever 21 filed for bankruptcy protection for the second time in six years on Sunday and blamed fast-fashion e-tailers Shein and Temu for its demise.
CNBC
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De minimis refers to the US waiver of standard customs procedures and tariffs on imported items worth less than $800 that are shipped to individuals and helps Chinese online retailers such as Shein and Temu to keep prices ultra-low.
Guardian
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It previously filed for Chapter 11 in 2019 and was bought out of bankruptcy by Sparc, a joint venture between label owner Authentic Brands Group and mall operators Simon Property and Brookfield Asset Management Inc.
The Manila Times

■ Story #27 ▪

issue 88:88 ▪

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updated 88:88

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