Last week, we shared that Forever 21 would close 200 stores across the U.S. Now, the fast-fashion retailer has announced all of its stores will close, reports Shopping Center Business.
All of the brand’s 350 stores will close its doors. The company entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities for existing U.S. properties.
The Los Angeles-based retailer opened in 1984 and at one time had 800 stores. In 2019, Forever 21 filed for Chapter 11 bankruptcy.
In 2020, Authentic Brands Group and Simon Properties purchased just over 37 percent stake in the company. The company owns the intellectual property associated with the Forever 21 brand and could possibly license the brand in the future.
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