Forever 21 will close 200 stores as part of its restructuring after filing for bankruptcy last month
Burdened by expensive store leases, unprofitable markets and continuing disruption from online shopping, the teenage clothing emporium became the latest casualty in a retail industry that is reeling from store closures and bankruptcies. Now, the company's ability to land on its feet and keep its business going while in Chapter 11 is largely at the mercy of its landlords and vendors.
"That's a critical component of their ability to remain viable and to exit bankruptcy," said Philip Emma, a senior analyst at Debtwire."This is the time of year where people are building inventories ahead of the holiday season, so to have this deal in place with vendors is critical to allow them breathing room to get through the fourth quarter."Forever 21 can reject any contracts or leases as part of the Chapter 11 process.
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