Forever 21 Files For Bankruptcy: CFO Cites Competition From ‘Foreign Fast Fashion Companies’ Like Shein, Temu

Forever 21’s U.S. operating company announced on Sunday that it has filed for Chapter 11 bankruptcy, marking the retailer’s second bankruptcy in six years. 
The Details: F21 OpCo, LLC, which operates the fast-fashion retailer in the United States, said in a statement that Forever 21 is initiating an “orderly wind-down” of its business in the U.S., while its international businesses will continue to operate. 
Brad Sell, CFO of F21 OpCo, pointed to intense competition from international fast-fashion retailers like Shein and Temu, operated by PDD Holdings, Inc. (NASDAQ:PDD), as one of the main factors leading to the bankruptcy. 
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