We use first party and third-party Cookies to help us understand Website usage and to improve the content and offerings and to provide you advertising, analytics and other purposes related to your navigation habits. If you continue scrolling, we consider you accept the policy. You can read more about our cookie policy.


The global fashion business journal

Dec 14, 20198:28pm

Forever21 continues its restructuring and exits Japan

The american company plans to close fourteen stores in the Japanese market, as well as its ecommerce platform, at the end of next month.

Sep 26, 2019 — 5:05pm
Mds
Save

 Forever21 continues its restructuring and exits Japan

 

 

Forever 21 speeds up its restructuring. The American fashion retailer company has taken another step in the its plan to return to profitability and has stopped operations in Japan.

 

The company plans to close four stores in the Japanese market, as well as its ecommerce platform, at the end of October. The group continues to retreat in Asia, it closed its online platform in China and ended the alliance it had with Tmall and JD.com in April.

 

To address the situation, Forever21 hired in June the American law firm Latham&Watkins, the law firms and the professional services company Alvarez&Marsal as consultants for its restructuring.

 

The main objective of the company was to renegotiate lease agreements with store owners and review its operations. The founder of the group, Do Won Chang, said he wants to “avoid bankruptcy and save the estate” of Forever21.

Advertising
Comment
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...