Tuesday 7 February 2023

Forever 21 Plans to File for Bankruptcy, WSJ Reports

The local operator is referring any comment to the U.S. parent company

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7 February 2023 - At The Banks - BCCR

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Forever 21, the fast-fashion retailer, is preparing to file for bankruptcy as soon as Sunday, the Wall Street Journal reported on Wednesday.

Forever 21 Lincoln Plaza

Forever 21 is denying it, calling the WJO report “inaccurate” that Forever 21 planned to file for bankruptcy on Sunday, but did not respond to questions regarding its plans after that.

In Costa Rica, the chain has four stores under a franchise agreement, entering the local market in 2013.

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In a report by El Financiero, it contacted Grupo AVA, which had a stake with Sisal CR, franchisee of the local operation, who said they no longer have a relationship with the company.

Carlos Adams, in charge of the Forever 21 store in Lincoln Plaza, told El Financiero, by telephone, that the chain enabled a spokesperson in the United States to answer questions on this issue, therefore, no one else in the country is authorized to give information.

Forever 21 opened its first store in Costa Rica on Mach 16, 2013, in Multiplaza Escazu, at the time, the third store in Latin America, after Mexico and Colombia, in a joint venture with the Chilean company Ripley, which was responsible for operating the stores but as a minority partner.

Currently, the chain, in addition to Escazu, has three other stores: Lincoln Plaza, Multiplaza Curridabat and City Mall.

 

 

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