Up to eternity one step closer to the destruction of US operations after being filed with the brand operating company for bankruptcy protection.
The company said in a statement that the US shops and websites remain open as it “began in this processing process”.
Up forever 21 a favorite of young women around the world, but it struggles to attract customers in its shops and the increasing price online shopping.
The company filed for bankruptcy protection for the first time in 2019, but a group of investors ended up buying it through a joint venture.
“We do not find lasting path ahead, rendered competition from fast-fashion companies … as well as increases in costs,” economically sold, the principal financial officer.
The company says it will bring the liquidation to sell its shops and that some or all its assets are sold in the court managed.
“In the event of a successful sale, the company can turn off a whole air operation,” as the company statement.
Chapter 11 Protect an obligation to the US company of its creditors, providing time to reorganize debts or sell business shares.
Foreign stores 21 in E-Commerce stores outside the US are run by other license holders and are not affected by filing bankruptcy protection.
The established fast-fashion established in Los Angeles in 1984 in South Korea immigrants.
Its cheap clothes, trendy clothes and accessories are more popular with young people over the next few decades and the brand becomes a competitor of giant fast-fashion giants like Zara and H & M.
At its top of 2016, there are 800 to eternity 21 shops around the world, 500 situated in the US.