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