Forever 21 is preparing for a potential bankruptcy filing, according to several published reports. The teen clothing retailer has more than 800 stores in 57 countries.
Forever 21, which is privately held, has more than 800 stores in 57 countries. And while many retailers have been paring back their network of stores in recent years, Forever 21 was adding stores as recently as 2016. It still has as many stores as it reported at that time.The ability to get out of leases and close stores at a lower cost is one of the advantages that the bankruptcy process affords to retailers.The company did not respond to requests for comment.
A husband and wife team, the Changs immigrated from South Korea in 1981 and started the chain three years later with a single 900 square-foot store in Los Angeles and only $11,000 in savings.Forbes lists the couple as having a net worth of $1.5 billion, and the privately-held company itself as having annual sales of $3.4 billion and 30,000 employees.
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