Since the start of 2017, more than 20 U.S. retailers, including Sears Holdings Corp (SHLDQ.PK) and Toys ‘R’ Us, have filed for bankruptcy as more customers shift to online retailers such as Amazon Inc (AMZN.O).
The company lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the U.S. Bankruptcy Court for the District of Delaware.
With these funds, Forever 21 said it intends to operate business as usual and will focus on profitable core part of its operations.
Meanwhile, the company plans to close most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.
Founded in 1984, the retailer has 815 stores in 57 countries. Last week, it said it would exit Japan and close all 14 stores at the end of October.
Kirkland & Ellis LLP was serving as the company’s legal adviser, Alvarez & Marsal advised on restructuring, and Lazard acted as its investment banker.
Reporting by Rama Venkat in Bengaluru and additional reporting by Aishwarya Venugopal; editing by Uttaresh.V
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