A closing fashion chain is now having a massive sale up to 50% off as three stores have been confirmed to shutter in the same city.
Forever 21 is closing down three stores located in and around Kansas City.
The affected locations are situated at the Country Club Plaza, the Independence Center, and Legends Outlets.
Exactly when these stores will close is still unclear, and it’s likely they will shutter on different dates.
But Holly Solomon, leasing director with the Independence Center, told The Kansas City Star the Forever 21 at the mall would close at the end of March.
However, it could close even sooner if all stock is sold.
All three stores are advertising 50% off everything.
At the Country Club Plaza store, red “everything must go” signs hang in the windows.
Forever 21 has been closing stores since it filed for bankruptcy in 2019.
The once-popular retailer was bought out by Authentic Brands Group a year later.
As part of the survival plan, a whopping 178 US stores were closed.
But Forever 21 is continuing to close locations years to this day.
In January, the store at Santa Rosa Plaza, California closed down.
The CEO of Authentic, Jamie Salter, has said buying Forever 21 was “the biggest mistake I made.”
While the retailer was once a hot spot for teens and young adults seeking affordable styles, it has struggled to keep up with new consumer trends.
These include the push for sustainability, as adopted by rivals H&M and Zara, reports The-Sun.
However, Forever 21 isn’t the only fashion store with several closures.
Department store Macy’s has announced the closure of 150 stores.
And JCPenney is closing two important locations on the same day very soon as well.
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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin
Other Economy News Today
A massive mall clothing retailer now faces Chapter 11 bankruptcy as it struggles to keep its cash reserves above water.
Children’s Place, to its credit, has been working to get itself out of leases at dying malls, reports TheStreet.
“The chain has closed 250 locations over the past year driving more of its business to its website and its digital storefront on Amazon.
That’s probably the right strategy, but the retailer may run out of cash before it can fully correct its business,” the outlet reports.
Total liquidity as of Feb. 3, 2024 is expected to be approximately $45 million (including approximately $13 million of cash and cash equivalents and approximately $32 million of excess availability under the company’s credit facility after excluding all necessary reserves and excess availability requirements),” the company shared in advance of fourth quarters earnings release.
And, while the company has very little cash, it did share some good news when it comes to its overall debt load.
“As previously anticipated, total indebtedness is expected to decrease by more than $100 million versus the third quarter of fiscal 2023 and, as of February 3, 2024, is expected to be approximately $277 million as compared to $408 million as of the end of the third quarter of fiscal 2023,” Children’s Place added.
However, the company knows that it is in a dire position based on its available cash.
“The company has been working to improve its liquidity position and strengthen its balance sheet to best position the company for the future.
The company is working with its advisors (including Centerview Partners), lenders, and potential lenders to obtain new financing necessary to support ongoing operations, and is considering strategic alternatives in the event that the company is unable to consummate new financing,” it shared.
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Also Read: A Popular Essential Retailer Is Now Closing 72 Locations
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