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current news

Apparel Firms Hit By Forever 21 Bankruptcy


(Filed Under Financial and General Interest News). Many apparel firms took a hit when Forever 21 filed its voluntary chapter 11 bankruptcy at the end of September. They make up many of the company’s top unsecured creditors.

On September 29 Forever 21 announced the bankruptcy, emphasizing that it had secured $350 million in financing to facilitate a restructuring. Forever 21 added that “its Canadian subsidiary filed for and was granted protection under the Companies’ Creditors Arrangement Act by the Ontario Superior Court of Justice (Commercial List) in Toronto. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.”

According to the announcement “dozens” of its vendors “have already agreed to support Forever 21’s restructuring efforts.”

“Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. With this capital, Forever 21 intends to operate in a business as usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases.”

Apparel companies make up many of the top unsecured creditors listed by Forever 21. Here is a selection from the list, in alphabetical order: A & E CLOTHING INC, ANHUI MEI&BANG INTERNATIONAL TRADE, ANYCLO INT’L, B-HEIM CORP., BONA INDUSTRIAL CO., LIMITED, BRISTAR (H.K.) INTERNATIONAL TRADING, C&C NANTONG CATHAY CLOTHING CO LTD, C&D GARMENTS CO., LIMITED, CHINA STAGE/ZHEJIANG C STAGE IMPORT, CRS DENIM GARMENTS EGYPT S.A.E, DILONG FASHION INC., DONGSUH INTERNATIONAL CO., LTD., GUANGZHOU JIAYIWU FASHION CO., LTD, GUANGZHOU YONGHENG FASHION GROUP CO, HUNCHUN SUNNY GROUP CO., LTD, IN KYUNG APPAREL, INTEC LTD, JIANGSU GTIG EASTAR CO., LTD, KISOO K. TRADING CO., LTD, KNF INTERNATIONAL CO., LTD, KUKDONG CORPORATION, L&C CORPORATION, INC., LEUKON INC., MARJO APPAREL, NANTONG D&J FASHION CO., LTD, NANTONG Z&Z GARMENT CO., LTD, NEW CENTURY TEXTILES LTD, NINGBO LONG-LAN FASHION GARMENT INC, PALMY TIMES (HK) LIMITED, PRAXTON COMMERCIAL CORP., REGENTEX APPAREL LIMITED, RELIABLE INDUSTRIES LTD, ROC RISE INDUSTRIAL, SAE-A TRADING CO.,LTD, SAMWOO APPAREL, SUPERFIT LTD, SUZHOU FLYING FASHIONS CO. LTD, SUZHOU TJ/NOVAE INT’L, TABITHA APPAREL CO.,LTD, TARAE CO., LTD, WEIHAI DINGXIN TEXTILE CO., LTD., YOUNG PLUS TRADING HK. CO., LTD.

Court filings and other related documents can be found on the website maintained by the company’s claims agent, Prime Clerk, at 1-877-510-9565 or https://cases.primeclerk.com/Forever21, or www.deb.uscourts.gov, the official Bankruptcy Court website.— NM


more Financial and General Interest News >>

Published 10-07-2019 by Nick Monjo

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Apparel Firms Hit By Forever 21 Bankruptcy


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