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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]

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World Earth Day 2024: Google Doodle showcases aerial view of planet’s natural beauty

Google celebrated Earth Day 2024 with a special doodle featuring an aerial view of our planet’s biodiversity.

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Google shared a doodle today to celebrate World Earth Day 2024, which showcased aerial photos of the planet’s biodiversity and natural beauty. Google reminded us of the importance of protecting planet earth for future generations with the help of this doodle.

The Google letters depict specific locations across the globe where people, communities, and governments work every day to help protect the planet’s natural beauty, biodiversity, and resources, according to the explanation of the annual Earth Day 2024 doodle on their website.

It said, these examples remind us that there’s much more to do to address the climate crisis and biodiversity loss, but also offer the promise of hope and optimism.

The islands of Turks and Caicos are represented by the letter “G.” The islands’ conservation efforts are concentrated on protecting important regions for biodiversity and addressing persistent environmental problems.

The largest reef in the southern Gulf of Mexico and a UNESCO biosphere reserve, Scorpion Reef National Park, is represented by the letter “O” in the Mexican flag.

The letter “O” features Iceland’s Vatnajokull National Park, which was designated as a national park in 2008 following decades of advocacy. The ecology within and surrounding the biggest glacier in Europe is safeguarded by this UNESCO World Heritage Site.

The letter “G” has the Jau National Park in Brazil on it. It is a UNESCO World Heritage Site and one of the biggest forest reserves in South America.

The Great Green Wall of Nigeria is represented by the letter “L,”  and the Pilbara Islands Nature Reserves of Australia are represented by the letter “E.”

Meanwhile, Earth Day is a worldwide event that promotes protection of the environment every year. April 22 serves as a reminder of the importance of conservation efforts and sustainable practices to guarantee a healthier world and a brighter future.

The occasion inspires people across the world to come together and take action to protect the environment, strengthening our bonds with nature and promoting good change.

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Bigg Boss 14 contestant Rahul Vaidya struggles walking in knee deep water, compares Dubai rains with Mumbai floods

Singer and TV personality Rahul Vaidya was recently stranded in the Dubai rains.

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Rahul Vaidya, who was in Dubai ahead of his show which was scheduled to take place today, left the country due to heavy rains and reached Kolkata. The artist shared on social media his encounters in the UAE city, including challenges like walking through knee-deep water. Rahul provided an update regarding the heavy rainfall in Dubai on his Instagram profile.

The Bigg Boss 14 contestant revealed that he was in Kolkata and prepared to do an evening performance. Recalling the terrifying period he went through, Vaidya said there was a lot of confusion and panic in Dubai. The situation was similar to that when heavy floods hit Mumbai in 2005.

Vaiday also posted seval other images and videos of cars that were underwater and flooded roadways. The Bigg Boss 14 contestant, who shared his ordeal, claimed that even though it had just rained for two hours, the situation was dire.

In one of the video, which went viral he can be seen struggling in walking in knee-deep water. He can be also seen holding his sneakers in one hand and with other hand he was seen managing other things.

This is the result of the two hours of rain that it had, he can be heard saying in the video. Vidya also said he dosen’t believe Dubai is accustomed to a lot of rain. Everything had stopped working, he remarked.

After taking part in the first season of the singing reality show Indian Idol, Rahul Vaidya gained widespread recognition. In addition to Bigg Boss, he took part in Khatron Ke Khiladi 11.

Meanwhile, heavy rains that triggered flooding in the UAE and Bahrain, which left 18 people dead in Oman on Sunday and Monday, have paralyzed the financial hub of the Middle East, Dubai.

A lot of incoming flights were diverted from Dubai’s international airport because of the rain. At 7:26 p.m., the busiest airport in the world for foreign visitors stopped accepting new arrivals; a gradual resumption was announced for more than two hours later.

Images of planes navigating flooded tarmacs are making the rounds on social media.

According to pictures shared on social media, the flagship malls Dubai Mall and Mall of the Emirates both experienced heavy floods, while at least one Dubai Metro station had water up to the ankles.

There were several road collapses, severe flooding in residential areas, and numerous reports of leaks from windows, doors, and roofs.

Due to the unfavourable weather, schools around the United Arab Emirates were forced to close, and as more storms are predicted, the closures are anticipated to last until Wednesday. The government of Dubai allowed its staff to work remotely till this Wednesday.

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Dubai sky turns green during storm in UAE, video goes viral

The UAE witnessed record-breaking rainfall on Tuesday and the National Centre of Meteorology recorded 254 mm of rainfall in less than 24 hrs in the Khatm Al Shakla area in Al Ain.

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1 person was killed in UAE as it witnessed heavy rainfall on Tuesday, stranding commuters, flooding roads, disrupting trains and flights and resulting in water leakage from mall ceilings. The UAE witnessed record-breaking rainfall on Tuesday and the National Centre of Meteorology recorded 254 mm of rainfall in less than 24 hrs in the Khatm Al Shakla area in Al Ain. It is being said that the rainfall was the highest documented since the start of data collection in 1949.

The heavy rainfall in UAE came days after a similar situation in neighbouring Oman, where 13 people were killed in flash floods. Many parts of Oman saw torrential rains, which caused students to be trapped in buses and swept away motorists and trapped people in their homes.

Videos from Dubai circulating on social media showed widespread waterlogging on roads in Abu Dhabi, Dubai and other important cities. This left daily commuters in cars and other vehicles struggling to get back home. Dubai metro station too was seen flooded and closed.

One such video circulating on social media shows the aerial view of the city of Dubai from the top of a building. In the video the stormy winds are seen blowing over the city of Dubai. As the storm intensifies the Dubai sky turns green and ultimately gets covered by heavy rainfall. The video has gone viral on social media with more than 1.1 million views.

Another video showed water leakage from the ceilings of shopping malls, flooding the floors and destroying goods. A video which was shot in the famous Mall of the Emirates, showed pieces of ceiling falling as the rainwater gushed inside. Videos from many outlets of the Deira City Centre mall chain showed escalators being rendered unusable. Majid Al Futtaim, the company which owns the Mall of Emirates, said that the shopping complexes have been kept open and the customers are being sent away from the flooded areas. 

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