People walk by the clothing retailer Forever 21 in New York City, U.S., September 12, 2019. REUTERS/Shannon Stapleton
(Reuters) – Struggling fashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business.
The retailer’s bankruptcy marks another casualty among brick-and-mortar players, who have suffered from changing consumers trends of shopping online as opposed to visiting malls.
Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.
Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V