A big company is apparently proposing to liquidate hundreds of sites as it navigates its second bankruptcy, adding to the ongoing national retail challenge.
According to a Bloomberg story, the fast-fashion retailer Forever 21 plans to liquidate at least 200 outlets as part of a bankruptcy process that is anticipated to start next month.According to Bloomberg, which cited people familiar with the procedure, the network was looking for a buyer for the retailer’s remaining locations. The 350-store chain may be liquidated if no buyer is found.
Pennsylvania-based news website Yourerie.com reportsIt has verified that liquidation sales have started at more than 200 locations, including three in Oregon.
According to yourerie.com, liquidation has started at the Valley River Center in Eugene, the Lloyd Center site in Portland, and the Clackamas Town Center location in Happy Valley.
The closure of the additional Oregon facilities has not been reported. They may be found in Woodburn Premium Outlets in Woodburn and Washington Square in Tigard. Additionally, there are no rumors that the Vancouver Mall in Washington will close.
A representative for Catalyst Brands, the owner of Forever 21’s operations, told Financial Post that the company’s operating company, the brand licensee in the United States, is still looking into strategic options, such as a possible sale, while cutting expenses and optimizing its store footprint.No final choices about the process’s outcome have been made, and the activities are still underway.
At its height, Forever 21 had 800 outlets globally and more than 500 in the United States.
This would be Forever 21’s second bankruptcy; their first was in 2019.
In a string of high-profile problems involving national stores, the closures would be the most recent. Big Lots stated earlier this year that it will close hundreds of its stores, and the fabric and craft giant JOANN revealed earlier this month that it was closing 500 stores as part of its bankruptcy proceedings.
