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Forever 21 won’t close stores in PH despite bankruptcy: ‘Business as usual’

By: - Reporter / @KHallareINQ
/ 04:56 PM October 01, 2019
Forever 21 Bankruptcy

FILE – In this Tuesday, May 7, 2019, file photo, women select clothing at an American fast fashion retailer Forever 21 which is offering clearance discounts at a shopping mall after it pulled out from China’s market, in Beijing. Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim of its own rapid expansion and changing consumer tastes, announced Sunday, Sept. 29, 2019, that it has filed for Chapter 11 bankruptcy protection. (AP Photo/Andy Wong, File)

MANILA, Philippines — It is still business as usual for Forever 21 as the retail chain said it will not close down its Philippine stores despite facing bankruptcy issues.

“Forever 21 Philippines on Monday, September 30, assured the public that it remains business as usual and will continue its operations,” a statement read, which was released to the public on Tuesday.

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This comes after the Los Angeles-based privately held chain filed for Chapter 11 bankruptcy. It also said it will close down 178 stores in the U.S.

READ: Forever 21 files for Chapter 11 bankruptcy

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The first Philippine branch of Forever 21 opened in 2010 at SM Megamall.

SM Retail Inc. President Chito Manalo Jr. assured the public that “full operations” will continue in all of 15 Forever 21 stores in the country.

Forever 21 Philippines added that it is ready for the rise in demand from consumers as the peak season in shopping commences in time for Christmas.

“We will continue to offer up-to-date merchandise and are gearing up our marketing investments for the Christmas season,” Manalo said. /jpv

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TAGS: Business, Chito Manalo Jr. bankruptcy, Forever 21, local news, Philippine news update, SM, SM Retail
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