Forever 21 Gets Ch. 11 Rent Relief To Keep More Stores Open

Law360, Wilmington (November 5, 2019, 7:12 PM EST) -- Bankrupt fast-fashion retailer Forever 21 negotiated more than $100 million in rent concessions with landlords that have enabled it to keep more than half of its struggling stores open, attorneys told a Delaware judge Tuesday.

During a hearing in Wilmington, debtor attorney Aparna Yenamandra of Kirkland & Ellis LLP said the retailer originally planned to shutter 178 underperforming stores and subsequently revised that number upward to 191 locations, but that negotiations with landlords resulted in enough rent relief to keep more than 100 of those stores open.

“We ultimately closed 88 stores because we were able to reach agreements in principle...

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