Forever 21 has commenced a £30m stock clearance sale from its three remaining UK stores, as its administrators look to wind up the business here.
The retailer will be looking to liquidate all of its stock in its remaining three UK stores in London, Liverpool and Birmingham as the fashion brand looks to wind its operations in the country down following it filing for Chapter 11 bankruptcy in the US at the end of September.
RSM Restructuring Advisory was appointed as administrators on September 30 following the bankruptcy filing in the US.
Retail restructuring partner at RSM UK, Damian Webb, said he was anticipating “huge interest” in Forever 21’s closing down sale.
“The decision by Forever 21 to file for Chapter 11 bankruptcy in the US has regrettably led to the UK company being placed into administration,” he said.
“Despite the parent company’s financial difficulties across its worldwide estate, the Forever 21 brand has remained very popular with shoppers, and we are anticipating huge interest in this closing down sale. Visitors to Forever 21’s UK stores in London, Liverpool and Birmingham can expect to see some very attractive prices from the outset.”
Forever 21 confirmed “seasonal stock” is still currently being delivered to the three stores and will be “replenished throughout the winding down period with new lines added frequently”.
The fast-fashion retailer filed for bankruptcy in the US at the end of September and subsequently unveiled plans to radically slash its 800-strong store estate to between 450 and 500 stores.
At the time, it also confirmed it would be looking to “exit most international locations in Asia and Europe”.
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