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Forever 21 files for Chapter 11 Bankruptcy Protection

US fashion retailer Forever 21 filed for Chapter 11 bankruptcy protection, adding another big fashion merchant to the tally of retailers who couldn’t cope with high rents and heavy competition, BBC reported.

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Forever 21 files for Chapter 11 Bankruptcy Protection

[vc_row][vc_column][vc_column_text]US fashion retailer Forever 21 filed for Chapter 11 bankruptcy protection, adding another big fashion merchant to the tally of retailers who couldn’t cope with high rents and heavy competition, BBC reported. 

The Chapter 11 filing allows the Los Angeles-based company to keep operating while it works out a plan to pay its creditors and turn around the business.

Forever 21 has obtained $275 million in financing from lenders with JPMorgan, Chase & Co. as agent, as well as $75 million in new capital from TPG Sixth Street Partners and its affiliated funds.

“The financing provided by JPMorgan and TPG Sixth Street Partners will arm Forever 21 with the capital necessary to effect critical changes in the U.S. and abroad to revitalize our brand and fuel our growth, allowing us to meet our ongoing obligations to customers, vendors and employees,” Linda Chang, executive vice president of Forever 21, said in a statement.

“What we’re hoping to do with this process is just to simplify things so we can get back to doing what we do best,” Chang told The New York Times. 

A bankruptcy filing could help Forever 21 get rid of unprofitable stores and raise fresh funds. This could be problematic for major US mall owners, including Simon Property Group Inc. and Brookfield Property Partners LP, because Forever 21 is one of the biggest mall tenants still standing after a wave of bankruptcies. The busts emptied more than 12,000 stores in the past two years, and those vacancies may be hard to fill.

The retailer is the seventh-largest tenant of mall-owner, Simon Property Group, by rent.

Forever 21 plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. It does not expect to exit any major markets in the US, the retailer said in a release.

“This was an important and necessary step to secure the future of our company, which will enable us to reorganize our business and reposition Forever 21,” the firm’s Executive Vice President Linda Chang said in a statement.

A spokesperson for the company said the decision to withdraw from the country followed “continued sluggish sales” and its struggle against rising competition from online rivals.

Founded in 1984, Forever 21 operates more than 800 stores in the US, Europe, Asia and Latin America. It specializes in fast-fashion apparel — trendy, cheap, quickly-made knockoffs of original designs that often is worn only a few times before being given away or tossed out. Competitors include Zara, H&M and Amazon.com.

Kirkland & Ellis LLP is the company’s legal adviser, and Alvarez & Marsal is the restructuring adviser, and the investment banker is Lazard.[/vc_column_text][/vc_column][/vc_row]

India News

India, China complete disengagement in Depsang, Demchok at LAC after 4 years standoff

The Indian Army said that coordinated patrolling will start soon by both sides, and the ground commanders will continue to hold talks.

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India, China complete disengagement in Depsang, Demchok at LAC after 4 years standoff

In a significant development, India and China have completed the disengagement exercise in the Depsang and Demchok friction points at the Line of Actual Control (LAC) in eastern Ladakh. The troops of both the countries are now verifying the vacation of positions and removal of infrastructure.

Reportedly, the Indian Army said that coordinated patrolling will start soon by both sides, and the ground commanders will continue to hold talks. The two sides will exchange sweets for Diwali tomorrow.

Earlier, Foreign secretary Vikram Misri announced that New Delhi and Beijing reached an agreement to disengage in the remaining friction points at LAC in eastern Ladakh. After the agreement, the two countries began troops disengagement at the two friction points at Demchok and Depsang plains on October 23.

India-China relations worsened because of the Chinese troops’ aggression along the Line of Actual Control, the de facto border, in April 2020. It further deteriorated on June 15, 2020, after 20 Indian soldiers died in the line of duty thwarting the Chinese offensive in the Galwan Valley. New Delhi had said India’s bilateral relations with China will normalise only after the situation at the LAC returns to what it was before May 2020.

Reports said that the Indian Army and the Chinese People’s Liberation Army (PLA) have pulled back their forward-deployed troops and equipment from the two flashpoints, and have also dismantled temporary structures that had been built during the four-year-long standoff.

The Indian soldiers will resume their patrolling in areas that had been cut off because of the PLA’s presence. Nonetheless, the disengagement in Depsang and Demchok will not lead to the creation of buffer zones.

Both the countries had disengaged from Galwan Valley, Pangong Tso, Gogra (PP-17A) and Hot Springs (PP-15) areas and created buffer zones. Speaking to a newspaper publication, Lieutenant General Vinod Bhatia (retd), a former director general of military operations said that the disengagement at Depsang and Demchok will facilitate patrolling by both sides in a coordinated manner, and in the agreed upon frequency and strength of the patrolling parties.

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Iran says 2 soldiers killed in Israeli air strikes

Emphasising Iran’s right to self-defense under the UN Charter, the Iranian Foreign Ministry highlighted its obligation to counter foreign aggression.

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The Iranian Army said on Saturday that two of its soldiers were killed in Israeli air strikes that targeted military bases.

Iran stated that its air defenses effectively countered the attack, resulting in the unfortunate deaths of two soldiers and some areas suffering limited damage.

The Israeli military conducted strikes on Iranian military sites after 2 am on Saturday, responding to what they cited as ongoing attacks by Iran and its allies in the region.

Following the strikes, the Israeli military announced they had successfully completed the mission and achieved their objectives.

The Israel Defense Forces (IDF) confirmed the precise targeting of military sites in Iran to neutralize immediate threats to Israel.

“I can now confirm that we have concluded the Israeli response to Iran’s attacks against Israel. We conducted targeted and precise strikes on military targets in Iran — thwarting immediate threats to the State of Israel,” the Israel Defence Force posted on X.

Iran’s air defense headquarters acknowledged the hits on bases in Ilam, Khuzestan, and Tehran but asserted that these attacks were effectively repelled, with investigations ongoing to assess damages. Moreover, Iran indicated its readiness to retaliate against any Israeli aggression, stating that Israel would face proportional consequences for its actions.

Iran expressed its intentions to respond to the Israeli attacks on its military bases, condemning the actions as a violation of international law and the UN Charter’s principles on the use of force.

Emphasising Iran’s right to self-defense under the UN Charter, the Iranian Foreign Ministry highlighted its obligation to counter foreign aggression.

Pakistan strongly condemned Israel’s strikes on Iran, attributing the escalation to Israel and urging the UN Security Council to intervene for peace and security.

British Prime Minister Keir Starmer emphasised that Iran should refrain from retaliating against Israel, advocating for restraint on all sides to prevent further escalation.

“I am clear that Israel has the right to defend itself against Iranian aggression. I’m equally clear that we must avoid further regional escalation and urge all sides to restrain. Iran should not respond,” the PM said at a Commonwealth Heads of Government Meeting.

The United States advised Iran to halt its attacks on Israel to cease the ongoing violence and break the cycle of conflict, underlining the importance of de-escalation.

“We urge Iran to cease its attacks on Israel so that this cycle of fighting can end without further escalation,” U.S. National Security Council spokesman Sean Savett told reporters.

President Joe Biden was briefed on the Israeli operation throughout its development and execution by his National Security Adviser, Jake Sullivan.

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BRICS Summit: PM Modi, China’s Xi Jinping discuss Ukraine war with Russia’s Putin

“The world has entered a new period of turbulent change. We need to build a peaceful BRICS, and be the guardian of common security,” said Chinese President Xi Jinping during the Summit.

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Prime Minister Narendra Modi, China’s Xi Jinping, and other BRICS leaders on Wednesday discussed the war in Ukraine with President Vladimir Putin as the Kremlin chief chaired a major summit aimed at showing Western attempts to isolate Russia have failed.

India supports dialogue and diplomacy and not war, PM Modi said at the BRICS Summit, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.

Putin, whose administration has dismissed allegations of war crimes against him as politically motivated, kicked off the Summit on Wednesday by noting the strong interest from over 30 States in joining the BRICS group.

He emphasised the importance of maintaining a balance in any expansion, acknowledging the unprecedented interest from countries in the Global South and East while ensuring that it does not diminish the effectiveness of BRICS.

“The world has entered a new period of turbulent change. We need to build a peaceful BRICS, and be the guardian of common security,” said Chinese President Xi Jinping during the Summit.

On the Ukraine crisis, Jinping said, “We need to push for the situation to de-escalate as soon as possible.” He also expressed his concern over the crisis in Gaza, saying, “We need to push for a ceasefire.”

PM Modi emphasised the need for a people-centric approach to solving global challenges and called for reformed multilateralism. The PM underlined the importance of dialogue and diplomacy for global peace and stability.

Addressing the summit in Kazan, a Russian city along the Volga, Europe’s longest river, Putin also reiterated the group’s focus on discussing acute regional conflicts, alluding to the situation in the Middle East and Ukraine.

Russia, heavily reliant on oil exports, sees China and India as major buyers, with the two countries responsible for about 90% of Moscow’s oil sales, making it Russia’s largest foreign currency source.

In a public exchange, Prime Minister Modi expressed his desire for peace in Ukraine to Putin, while Chinese President Xi discussed the Ukrainian conflict privately with the Russian leader.

As Russia continues its advancement, it currently controls a significant portion of Ukraine, including Crimea, unilaterally annexed in 2014, as well as a substantial portion of the Donbas region, comprising Donetsk and Luhansk, along with parts of the Zaporizhzhia and Kherson regions.

Putin has reiterated that Moscow will not negotiate the status of these regions, claiming them as part of Russia and emphasising the need to consider Russia’s long-term security interests in Europe.

The anticipated BRICS communique is expected to include proposals from China and Brazil aimed at resolving the conflict in Ukraine, with the two countries seeking support for a ceasefire from other developing nations. Ukraine has accused Beijing and Brasília of aligning with Moscow’s interests.

Putin has acknowledged the potential of the Chinese-Brazilian proposals as a basis for ending the conflict, following Russia’s deployment of troops into Ukraine in 2022 after years of fighting in the eastern part of the country.

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