Forever 21 files for bankruptcy 1 SHARES Share it! Share TweetBy ReutersFashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition. as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. It 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. 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, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc (AMZN.O).

Source: Manila Bulletin September 30, 2019 02:38 UTC