The Reset Button Pushed By Forever 21
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Case Code: BSTR600 Case Length: 19 Pages Period: 2019 Pub Date: 2020 Teaching Note: Available |
Price: Rs.500 Organization: Forever 21 Industry: Retailing Countries: United States Themes: Bankruptcy & Turnaround Management, E-Business Strategy, Restructuring |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
On September 29, 2019, US-based fast fashion retailer, Forever 21, filed for Chapter 11 bankruptcy protection to restructure its business. The company said, “We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the US.” The company operated through 549 stores in the US and 251stores in other countries at the time of filing for bankruptcy . The company said that it planned to “exit most international locations in Asia and Europe” but would continue to operate in Mexico and Latin America. It was expected to close up to 350 stores worldwide, including 178 US stores. A Forever 21 spokesperson said the retailer expected to have between 450 and 500 stores globally after this process...
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