Forever 21 exits Japan amid bankruptcy reports
Forever 21 will reportedly close all 14 stores and its online shop in Japan amid reports that the fast fashion retailer is considering filing for bankruptcy protection.
The firm will end all of its Japanese operations by the end of October, according to the Nikkei Asian Review.
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It was reported last month that the high street store, which has branches in London, Liverpool and Birmingham, is preparing to file for Chapter 11 bankruptcy protection in the US which could see it close at least 100 stores.
US media reported earlier this month that the retailer was in discussions to give a stake in the company to two of its largest landlords as part of a restructuring deal.
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The troubled company is reportedly in talks with Simon Property Group and Brookfield Property Partners about the potential deal, which would be part of the bankruptcy filing.
The Los Angeles-based company has been working to secure a bankruptcy loan deal that would give it about $75m to continue operations, according to Bloomberg.
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