Forever 21 has filed for bankruptcy protection for the second time in six years. The company is expected to close all its U.S. stores. It has started liquidation sales at over 350 locations. The retailer blames fast-fashion e-tailers Shein and Temu for its financial struggles. Forever 21 has been seeking a buyer for months, contacting over 200 potential bidders. Out of these, 30 signed confidentiality agreements, but no viable deal has been reached. The company’s operating company owes $1.58 billion in loans and over $100 million to clothing manufacturers in China and Korea. In the last three fiscal years, Forever 21 lost more than $400 million, including $150 million in fiscal 2024 alone. The company projects a loss of $180 million in EBITDA through 2025. Despite these challenges, Forever 21’s international stores and website will continue to operate. The brand’s intellectual property, owned by Authentic Brands Group, is not for sale.
KG
@Kg200520
·
43m We have been saying for long now that
@StatsSA
is a SCAM and needs to be called out seriously, a number of people in Gauteng was overstated, now it’s coming out with GP loosing R6 Billion due to that error..the question is when last has one engaged with people doing sensors?
WRollyson
@rollyson_w
·
15h Another staggering example:
lose $1 million a day, starting the year Christ died it would take until year 2740 to lose $1 trillion…to lose $36 trillion to the year 98,640.
Mariven
@psychiel
·
Mar 15 This is a discount rate on all future utility: nothing matters if you don’t exist, and you’re constantly dwindling in existence.
But what’s the actual rate? As it turns out, it’s likely near-infinitesimal. https://fhi.ox.ac.uk/wp-content/uploads/is-doomsday-likely.pdf… puts it at under 0.0000001% lost per year.
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