New York (CNN Business) Forever 21 has reached a deal to sell off its assets for $81 million, four months after filing for Chapter 11 bankruptcy. The group has been designated as the "stalking horse bidder" for Forever 21 — meaning the deal remains subject to approval by a judge. Forever 21 is among the many traditional retailers that have struggled to keep up amid the rise of online shopping , which has cut foot traffic to malls and brick-and-mortar stores. High debt levels and rent costs have also burdened traditional retailers. In recent years, even healthy retailers have closed stores and struggling ones have filed for bankruptcyRead More

Source: CNN February 03, 2020 01:30 UTC