Monday, November 18, 2024
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Forever 21

Newsretailers

Forever 21 Plans to Open 14 New Stores in U.S.

by Katie Lee

Los Angeles — Forever 21 plans to open 14 new stores across the U.S., starting with a new location at the Gran Plaza Outlets in Calexico, which opened this past August. The Calexico, Calif., store is the first in a series of Forever 21 openings across America scheduled through June 2023. “We’re seeing even more consumers returning to the in-store shopping experience,” says Winnie Park, CEO of Forever 21. “While our online business remains strong and a key component of our growth strategy, we love interacting with our consumers in-store. …

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Newspeopleretailers

Forever 21 Names New CEO

by Katie Lee

Los Angeles — On January 19, Forever 21 named Winnie Park as chief executive officer (CEO) of the fashion brand. The appointment is effective immediately. Park joins Forever 21 from Paper Source, where she served as CEO for the past 6 years. Park’s tenure at Paper Source is marked by transforming the brand from a brick-and-mortar retailer to a lifestyle brand with a robust digital platform spanning social, digital content, online subscriptions and affiliate partnerships. She also led the successful sale of the brand to an affiliate of Barnes & …

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Newsretailers

Forever 21 Plans to Add 26 New Stores in Latin America

by Katie Lee

New York City — Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, and AR Holdings, a leading Latin American-based brand and retail operator, have partnered to grow Forever 21 across the territory. AR Holdings will drive Forever 21 across all channels in the region including its e-commerce, wholesale and 26 retail locations in Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Panama and Peru. “Over the last 8 years, Forever 21 has established a strong foothold in Latin America and we are excited to …

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Newsretailers

ABG, Simon & Brookfield Acquire Forever 21

by Katie Lee

New York City, Indianapolis and Chicago — Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, has acquired America’s original fast fashion retailer, Forever 21. ABG and Simon Property Group will each own 37.5%, and Brookfield Property Partners will own 25% of the intellectual property and operating businesses. With this move, ABG, Simon and Brookfield become the new ownership group for Forever 21. Building on the success of Aéropostale, this similar ownership structure positions Forever 21 for long term performance and growth. This acquisition further diversifies ABG’s …

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Newsretailersstore closings

Forever 21 Files for Bankruptcy; Obtains $350 Million in Restructuring Financing

by Katie Lee

Los Angeles — Forever 21, Inc., and its U.S. subsidiaries have filed for voluntary Chapter 11 bankruptcy. The company’s Canadian subsidiary also has filed for bankruptcy protection. Forever 21 plans to facilitate a global restructuring that will allow it to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. “This was an important and necessary step to secure the future of …

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