Last-ditch effort for Forever 21 as it faces becoming latest high street casualty

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Mandatory Credit: Photo by Jack Dredd/REX (10453438b) Forever 21 is set to close after filling for bankruptcy in September Forever 21 set to close, Oxford St, London, UK - 22 Oct 2019
Oxford Street’s Forever 21 is about to shut after filling for chapter in September (Picture: Jack Dredd/REX options)

Forever 21’s Oxford Street retailer is closing after the retailer filed for chapter in September.

Banners promoting a liquidation sale are plastered on the home windows of the London store- the second of its three shops to shut in lower than a month.

Its Liverpool retailer shut all of a sudden final month, with indicators on the time saying this was on account of ‘unforeseen circumstances’.

Days later it was introduced the US retailer had gone into voluntary administration, a transfer which threatened the nearer of 350 shops worldwide.

Analysts say Forever 21 did not react to the rise of on-line retailers, as properly as shifting shopper sentiment towards the environmental impression of quick trend.

Tops and attire from the shop generally value between £10 and £20, and there was concern over circumstances within the factories the place these had been being made.

Mandatory Credit: Photo by Jack Dredd/REX (10453438g) Forever 21 is set to close after filling for bankruptcy in September Forever 21 set to close, Oxford St, London, UK - 22 Oct 2019
This is the second of its three UK shops to shut Picture: Jack Dredd/REX)

In a press release, the agency mentioned submitting for voluntary chapter was a ‘deliberate and decisive step to put us on a successful track for the future’.

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Commonly identified as a ‘reorganisation’ chapter, the transfer will enable the quick trend model to maintain management and possession of its belongings whereas restructuring is carried out.

Reductions of as much as 50 per cent are on provide within the Oxford Street retailer, together with on model new inventory.

The agency haven’t introduced on what date the shop might be closing.

Its third UK retailer, in Birmingham, stays open.

Mandatory Credit: Photo by Jack Dredd/REX (10453438f) Forever 21 is set to close after filling for bankruptcy in September Forever 21 set to close, Oxford St, London, UK - 22 Oct 2019
It dangers becoming the latest high street casualty after retailers like Debenhams went into administration in Spring Picture: Jack Dredd/Rex Features)

The agency has about 800 shops globally, with round 178 shops set to shut within the US.

In the identical month Forever 21 filed for chapter, US pop star Ariana Grande sued the retailer for utilizing her trademark model to advertise its merchandise with out her permission, together with adverts that includes a ‘look-alike model.’

The lawsuit, in search of $10million, claims the marketing campaign was meant to trick customers into believing Grande had endorsed Forever 21’s merchandise.

If it closes all UK shops, it will be part of a rising listing of shops in Britain which have wobbled or collapsed outright in recent times.

High-profile failures embrace Debenhams, L.Ok.Bennett , House of Fraser and Coast.

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