Forever 21 is the latest mall-based retailer to declare bankruptcy
Forever 21, which spent years expanding the number and sheer size of its stores, is the latestForever 21, a teen apparel retailer that expanded aggressively at malls across America as others pulled back, filed for bankruptcy on Sunday evening.
To aid in the restructuring, Forever 21 has secured $350 million in financing, which includes $275 million from its existing lender, JPMorgan Chase. It has also obtained $75 million from TPG Sixth Street Partners and its affiliates. The Changs started the company three years after arriving in Los Angeles with little more than a high school education. Do Won worked as a dishwasher at a local coffee shop, then supplemented his minimum wage income by taking a gig at a gas station and starting an office cleaning business. Jin Sook worked as a hairdresser. After squirreling away $11,000 in three years, they opened a 900-square-foot apparel store called Fashion 21. In the first year, sales reached $700,000.
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