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Fashion retailer Forever 21 has confirmed it will close its three UK stores in London, Liverpool and Birmingham next year.
It comes after the parent company in the US filed for Chapter 11 bankruptcy, and Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP were appointed as joint administrators on 30 September.
Last week (24 October), administrators from RSM have confirmed that Forever 21’s three UK stores will immediately commence a major £30m stock clearance sale.
Webb said at the time: “The decision by Forever 21 to file for Chapter 11 bankruptcy in the US has regrettably led to the UK company being placed into administration.
“Despite the parent company’s financial difficulties across its worldwide estate, the Forever 21 brand has remained very popular with shoppers, and we are anticipating huge interest in this closing down sale.”
He added: “Visitors to Forever 21’s UK stores in London, Liverpool and Birmingham can expect to see some very attractive prices from the outset.’
RSM’s specialist retail restructuring team has recently advised on a number of retail restructurings including the CVAs of Abokado, Aldo UK and Thomas Sabo.
The retailer has around 800 stores worldwide.
