This massive clothing retailer is now closing three more stores in the same city after its CEO stated that buying the company was a mistake.
Forever 21 is looking to close three stores in Kansas City, Missouri after CEO Jamie Salter admitted he regrets buying the company.
The retailer filed for Chapter 11 bankruptcy proceedings in 2020 before it was bought by Authentic Brands Group and mall operators Simon Property Group and Brookfield Property Partners for $81 million.
The company’s Plaza store and Legends Outlets locations were listed in the store closures during the proceedings.
Now employees from both stores, as well as its Independence Center location, confirmed that they are set to close down in the coming months, as reported by Kansas City Business Journals.
An associate from the Plaza location stated the store plans to shut its doors by the end of March, however, it could be closed sooner depending on how fast merchandise sells.
Holly Solomon, director of marketing and leasing at Independence Center, did not confirm when the store would close but said that the space would be used to house medical, educational, and office tenants in the future.
The Legends Outlet location has yet to comment on the reported closure of the Forever 21 store.
The Kansas City metro area will only be left with two Forever 21 stores as a result of the closures.
The retailer has 540 stores globally and 397 in the US, according to its website.
The company boasted 800 locations before filing for bankruptcy.
After acquiring the retailer, Salter told Retail Dive in January that buying Forever 21 was “probably the biggest mistake I made.”
However, he said he was hopeful that the retailer’s partnership with Shein would turn things around for the company.
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Also Read: This Massive Restaurant Is Now Closing 41 Locations
Other Economy News Today
A massive food brand now declares an unexpected bankruptcy after carrying a whopping $190 million of debt, sources report.
Most Americans don’t know the companies and farming operations that produce their produce.
Trinitas Farming, a large provider of almonds does not market its brand despite the size of its operation.
Now the company has now filed for Chapter 11 bankruptcy protection.
Trinitas Farming is owned by Trinitas Partners, a Redwood City, California private-equity firm that began acquiring almond ranches in 2015 and now runs 17 of them covering 8,000 acres, according to the SJVSun.
Americans probably won’t see their almond supplies disrupted.
The company plans to keep producing as it attempts to sort out its finances.
Trinitas disclosed in its bankruptcy filing that it had essentially run out of cash and plans to sell its farms and other assets.
The company attributed its problems to its heavy debt load and low almond prices. It also cited lower yields at newer farms, making it impossible to produce profitable crops.
“Debts include a $130 million term loan extended by Rabo Ag in November 2022, plus an additional $31 million in ‘delayed draw’ loans,” the Business Journal of Fresno, Calif., reported.
“Debts owed to 20 of the largest unsecured creditors total more than $26.6 million.
Its largest unsecured creditor is The Almond Co. hulling operation in Madera, with a $9.2 million claim.
The Harvesting Group in Fresno is owed $4.8 million.”
The company has asked the U.S. Bankruptcy Court for the Northern District of California to approve a $30 million funding plan as it enters a crucial period during the almond growing season.
If those funds are not approved quickly, the company could see a major interruption in its ability to grow almonds.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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