Los Angeles-based fast-fashion mall staple Forever 21’s parent company has filed for bankruptcy protection and the teen retailer plans to shut down its United States operations unless a buyer can be found.
F21 OpCo LLC, operator of Forever 21 stores and licensee of the brand in the U.S., said in a statement Sunday that the company will implement “an orderly wind down” of 350 locations while looking for a new buyer to take over some or all of its assets.
The company said Forever 21 stores and its website in the United States will remain open and continue serving customers as the company begins its closing process.
The company has 58 stores in California, including several in the Los Angeles-Long Beach area, as well as in Orange, Riverside, and San Diego counties.
“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies … as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” Brad Sell, chief financial officer of F21 OpCo, said in a statement.
“As we move through the process, we will work diligently to minimize the impact on our employees, customers, vendors and other stakeholders.”
On Feb. 17, Forever 21 notified the California Employment Development Department of its decision to lay off hundreds of employees throughout the state.
The fashion retailer known for offering trendy and affordable clothing, accessories and footwear, was founded in 1984 in Los Angeles, and expanded into a global chain catering primarily to young consumers.
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