Earnings Below Expected Forever 21 Or Forced To Seek Sale
The fast fashion Forever 21, which has been looking for bankruptcy protection since the beginning of this year, is facing a new dilemma. The brand submitted to the court in October 15th is expected to have a net cash flow of $19 million 100 thousand in the 13 weeks to December 21st, or $720 million a year.
Due to lower income than expected, it weakened the confidence of some lenders and owners, or was forced to seek sale. The next hearing will be held in December 19th.
Forever 21 will be forced to seek sale if its performance is not as good as expected. In order to enable Forever 21 to close dozens of stores to continue business, some owners have given enough rent concessions, and proposed to convert part of the rental obligation to ownership, but the founder of Forever 21 family wanted to retain control, resulting in a breakdown. Up to now, Forever 21 spokesman declined to respond to relevant news.
Source: fashion business network
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