Forever 21 UK slowing down tasks, to close all stores

Pedestrians pass in front of a Forever 21 Inc. store in the Union Square neighborhood of New York, U.S., on Thursday, Aug. 29, 2019. Forever 21 Inc. is preparing for a potential bankruptcy filing as the fashion retailers cash dwindles and turnaround options fade, according to people with knowledge of the plans. Photographer: Jeenah Moon/Bloomberg

Directors for Forever 21 UK have affirmed that each of the three UK stores will shut down after the breakdown of the American quick design retailer.

The brand’s three remaining stores in London, Liverpool and Birmingham have launched a major £30m stock clearance sale.

Forever 21’s UK business appointed Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP as joint administrators on 30 September after the parent company in the US filed for Chapter 11 bankruptcy.

Plans to close almost 350 stores of its 800 will influence the California-based organisation’s whole UK estate, which has contracted fundamentally since the brand initially propelled in the UK in 2010. 

Forever 21 additionally plans to close the vast majority of its stores in Asia and Europe and will leave Japan and Canada. Around 180 entryways are required to shut in the US, while tasks will proceed in Mexico and Latin America. 

Damian Webb, a retail rebuilding accomplice at RSM UK, stated: “The decision by Forever 21 to file for Chapter 11 bankruptcy in the US has regrettably led to the UK company being placed into administration.”

“Despite the parent company’s financial difficulties across its worldwide estate, the Forever 21 brand has remained very popular with shoppers, and we are anticipating huge interest in this closing down sale. Visitors to Forever 21’s UK stores in London, Liverpool and Birmingham, can expect to see some very attractive prices from the outset.”