It looks like Forever 21 couldn't make it to forever, as the company has just filed for Chapter 11 bankruptcy protection and will be shuttering all of its stores in Canada.
All 44 stores in Canada will be closed after a liquidation process. Operations will wind down on this side of the border and Canadians will no longer have access to the fast-fashion retailer without a trip to the U.S.
I’m not an expert, but I’m pretty sure Forever 21 closing in Canada is good for all of us in the long term.
— ☀️Margaret☀️ (@goldnotyellow) September 30, 2019
Bradley Sell, the company's Chief Financial Officer, said that years of poor performance and "challenges set forth by the headwinds facing the retail industry today" led to the inevitable.
Sad to see Forever 21 close all 44 of their stores in Canada, a harsh reality for F21 addicts & a sign of the times. F21 will be leaving 800,000 sqft of retail space empty across Canada. When push comes to shove, difficult decisions must be made & this is an example of just that.
— Raffaella (@MlleRaffaella) September 30, 2019
The Canadian subsidiary for the company was granted protection under the Companies' Creditors Arrangement Act this weekend by the Ontario Superior Court of Justice.
I’m Acc sad forever 21 is closing down in Canada lol , they had some a good shit , just have to go grab whatever joe before they close for good
— Ash Ketchum (@mojoooojojo) September 30, 2019
Ontario is home to 22 of the 44 stores in Canada, all of which will be closed, costing around 2,000 jobs.
toronto is like a forever 21. overrated and an overwhelming amount of options
— carl (@lilnuggette) September 22, 2019
The company also announced that, as part of the overall restructuring strategy, stores in international locations will also be closed, including Asia and Europe.
by Staff via blogTO
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