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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]

Latest world news

Magnitude 7 earthquake strikes Russia’s Kamchatka Peninsula

A magnitude 7 earthquake struck Russia’s Kamchatka Peninsula region on Friday. The initial report placed the earthquake at a depth of 140 kilometres.

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A magnitude 7 earthquake struck Russia’s Kamchatka Peninsula region on Friday, October 16, according to the European-Mediterranean Seismological Centre (EMSC).

The initial report placed the earthquake at a depth of 140 kilometres (approximately 87 miles). Details about the impact of the earthquake, including any damage or casualties, were not immediately available in the initial report.

Earthquake strikes seismically active Kamchatka region

Russia’s Kamchatka Peninsula is a seismically active region where earthquakes occur because of tectonic activity.

The latest earthquake was reported by the EMSC, which provided the initial magnitude and depth estimates. Further information about the situation on the ground was not available in the initial report.

What is known so far

  • Location: Kamchatka Peninsula region, Russia
  • Magnitude: 7.0
  • Date: Friday, October 16, 2026
  • Reported depth: 140 kilometres
  • Casualties and damage: Not provided in the initial report

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S Jaishankar says India is a natural option for Russia amid Europe tensions

External Affairs Minister S Jaishankar said India remained a natural option for Russia as Moscow increasingly turned towards Asia amid strained relations with Europe. He highlighted the continuity of India-Russia ties and their significance for the balance of power in Asia.

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External Affairs Minister S Jaishankar has described India as a natural option for Russia as Moscow increasingly looks towards Asia amid deteriorating relations with Europe. He said India’s longstanding relationship with Russia had remained steady despite significant changes in the international strategic landscape.

Jaishankar made the remarks during a conversation with John Micklethwait, editor-in-chief of the Bloomberg New Economy Forum. He discussed how the Russia-Ukraine war had affected Moscow’s relationship with Europe and contributed to Russia’s growing focus on Asia.

Jaishankar highlights Russia’s shift towards Asia

Jaishankar said Russia’s relationship with Europe had become deeply strained following the Ukraine war. He noted that Russia had historically viewed itself as a European country and placed considerable importance on its relations with Europe and the United States.

However, the conflict had pushed Moscow to look increasingly towards Asia,with much of that shift directed towards China.

The minister said it was in India’s interest, as well as the wider world’s interest, for Russia to maintain multiple relationships in Asia rather than having its options concentrated in one direction.

Against this backdrop, he described India as a natural partner for Russia, pointing to the longstanding nature of the relationship between the two countries.

India-Russia ties remain steady despite global changes

Jaishankar said India and Russia had maintained a consistent relationship over several decades. He emphasised that New Delhi continued to engage with Moscow even as the global order and Russia’s strategic calculations evolved.

According to the minister, India was reassuring Russia that the relationship built over nearly eight decades remained steady despite the changes in Moscow’s relations with Europe and the wider West.

He stressed that India was not passing a value judgment on those changes but was continuing its bilateral engagement with Russia.

Jaishankar said the relationship had benefited both countries and contributed to the balance of power and the broader status quo in Asia. 

Why the relationship matters for Asia

Jaishankar’s remarks highlighted India’s position in Russia’s changing regional outlook. As Moscow increasingly turns towards Asia, India continues to maintain its longstanding ties with Russia while navigating a changing international environment.

The minister’s comments underscored the importance he placed on preserving India-Russia ties and ensuring that Russia maintained multiple relationships in Asia. 

His assessment came against the backdrop of strained Russia-Europe relations following the war in Ukraine, which has reshaped Moscow’s engagement with Western countries and increased its focus on Asian partners.

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Putin praises PM Modi, says he has very good ideas on Ukraine war

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for repeatedly raising the need to end the Ukraine war, describing his ideas for a settlement as “very good”.

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Vladimir Putin

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for his continued efforts to promote an end to the Russia-Ukraine war, saying the Indian leader has “very good ideas” aimed at finding a mutually acceptable solution.

Putin made the remarks while addressing the Valdai Forum of international Russia experts, where he spoke about Modi’s repeated efforts to raise the issue of ending the conflict.

What Putin said about PM Modi

Putin said Modi has continued to raise the question of ending the conflict despite the close and friendly relationship between India and Russia.

According to Putin, the Prime Minister has shown a strong interest in finding a solution and has ideas that could help identify mutually acceptable ways to resolve the conflict.

Putin also described India’s position as neutral while highlighting Modi’s interest in bringing the conflict to an end through peaceful means.

The Russian president expressed gratitude to Modi for his ideas and his desire to see the conflict end as soon as possible.

Modi’s position on the Ukraine war

PM Modi has repeatedly called for dialogue and diplomacy to resolve conflicts, including during his meetings with Putin.

During their September 11 meeting in New Delhi, Modi reiterated that dialogue and diplomacy are the way forward for resolving conflicts.

Modi had also told Putin during their meeting on the sidelines of the Shanghai Cooperation Organisation summit in Bishkek that the situation needed to move from “endless war” towards an end to the war.

India has consistently maintained that conflicts should be addressed through dialogue and peaceful means, with Modi previously describing the present period as not being an era of war.

The Russia-Ukraine conflict began in February 2022 and has continued despite repeated diplomatic efforts to seek a resolution.

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