Forever 21 to remain open in India despite bankruptcy

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Shreya Durvehttps://newsmint.in/
Future doctor, proud to be myself

Highlights

  1. The local franchise partner of Forever 21, Aditya Birla Fashion and Retail, has announced that even though the enterprise has declared bankruptcy, the sales in India will not be affected.
  2. The retail store announced bankruptcy due to shift to e-commerce and unmanageable competitions.
  3. The fast fashion, the cheap retail store has had to announce the shutting of over 350 stores across the world.
  4. Besides India, it will continue to sell in Mexico and Latin America.

The fast-fashion Los Angeles based store, announced its bankruptcy on 30th September 2019, citing unmanageable competition from e-commerce. One day after that, on the 1st October 2019, the local franchise retailer of F21 in India, Aditya Birla Fashion and Retail, announced that the bankruptcy will not affect the sale in India.

The LA-based fashion retail store has over 815 stores in 57 countries, competing with the other retail stores like Zara and H&M. Of this large number, over 350 stores are to be shut down worldwide, with 187 stores requested t be shut down in the US itself. It is going to exit from the market of some Asian and European countries in a while, but, besides India, will stay in countries like Mexico and some Latin American countries.

The license for sale in India was first owned by DLF Brands and Diana Retail in 2016, when it was cut off from their budget, and sold to Aditya Birla Fashion and Retail Ltd.

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