The U.S. operating company of fast fashion retailer Forever 21 filed for the second bankruptcy in six years Sunday, which is reducing mall traffic and increasing competition through online retailers.
The company said it will conduct liquidation sales in its stores while conducting a court-supervised sales and marketing process for some or all of its assets.
If sales are successfully made, Forever 21 says it may go all out from operations to facilitate a ongoing deal.
The company said its stores and websites in the U.S. will remain open and continue to serve customers, and its international stores will remain unaffected.
Forever 21 lists its estimated assets range from $100 million to $500 million and liabilities range from $1 billion to $5 billion, according to a Delaware Bankruptcy Court filing. The document also shows creditors a range of 10,001 to 25,000.
