New York - Fashion retailer Forever 21 Inc filed for Chapter 11 bankruptcy on Sunday as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce.
Since the start of 2017, more than 20 U.S. retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy as more customers shift to online retailers such as Amazon Inc. The company lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the U.S. Bankruptcy Court for the District of Delaware.
The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. With these funds, Forever 21 said it intends to operate business as usual and will focus on profitable core part of its operations.
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Fashion retailer Forever 21 files for bankruptcy - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Since the start of 2017, more than 20 US retailers, including Sears Holdings Corp and Toys ‘R’ Us, have filed for bankruptcy as more customers shift to online retailers such as Amazon Inc.
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Check out the top 10 popular suburbs to rent homes in Johannesburg | IOL Business ReportPrivate Property took a look at which suburbs are the most popular to rent in Gauteng, and they worked to a strict budget.
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E Cape establishes Fashion Council for emerging designers - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.African inspired outfits are gaining increasing popularity and it’s evident on social media platforms. The establishment of the Eastern Cape Fashion Council is giving aspiring designers an opportunity to grow their craft.
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