Fashion retailer Forever 21 Inc said on Sunday that it had requested Chapter 11 bankruptcy protection to restructure its company, joining a increasing list of brick-and-mortar players hit by fierce e-commerce competition.
The firm said it plans to exit most of its Asian and European global places, but will continue activities in Mexico and Latin America.
The retailer said it got $275 million in funding with JPMorgan Chase Bank, N.A. from its current lenders. As an officer, TPG Sixth Street Partners and some of its associated funds have $75 million in fresh equity.
It lists both $1 billion to $10 billion in assets and liabilities, according to the U.S. court filing. Delaware District Bankruptcy Court.
Since the beginning of 2017, more than 20 U.S. distributors have filed for bankruptcy, including Sears Holdings Corp and Toys ‘ R’ Us, succumbing to the onslaught of fierce Amazon Inc e-commerce rivalry.
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