Forever 21, on the verge of bankruptcy

The brand of clothing Forever 21, whose branches are scattered in several cities around the world, is on the brink of bankruptcy because its accounts are in crisis and can not renegotiate its debts.

As the Bloomberg news agency reported, the company "has been in talks to obtain additional funding and worked with a team of advisors to restructure their debts, but negotiations with potential creditors got bogged down. "

Now the company is ready to file for bankruptcy, which would allow it to get rid of premises that are not profitable and can recapitalize the business.

IN ADDITION:

Another increase in prepaid is coming: 6% in September

Forever 21 was born in Los Angeles, California in 1984 and is currently has 600 stores around the worldin which 35,000 employees work. It was created by South Korean Do Won Chang, an immigrant who, along with his family, decided to buy a clothing store near his home.

From the beginning, they devoted themselves to "fast fashion" which is based on very fast production, with mediocre quality materials but at affordable prices.