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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]

Football news

Cristiano Ronaldo announces retirement from international football

Cristiano Ronaldo has announced his retirement from international football, bringing an end to his 23-year career with Portugal after 234 appearances and 146 goals.

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Cristiano Ronaldo

Cristiano Ronaldo has announced his retirement from international football, bringing his 23-year career with Portugal towards an end.

The 41-year-old Portugal captain said he would hand back the No. 7 shirt of the national team after the November international break. Ronaldo made the announcement in a video message shared on social media.

The decision marks the end of one of the most decorated international careers in men’s football. Ronaldo has made 234 appearances for Portugal and scored 146 goals, both records at international level.

Ronaldo’s Portugal career comes to an end

Ronaldo made his Portugal debut in 2003 and went on to represent the country across more than two decades.

He helped Portugal win their first major international trophy at Euro 2016. He was also part of the teams that won the UEFA Nations League in 2019 and 2025.

Ronaldo’s international career also included six World Cup appearances. His final World Cup came in 2026, when Portugal were eliminated by eventual champions Spain in the last 16.

Ronaldo reflects on 23 years with Portugal

Announcing his decision, Ronaldo said it was not an easy choice and described his time representing Portugal as a privilege and responsibility.

He thanked his family, the Portuguese people, as well as the teammates, coaches and staff who were part of his international journey.

Ronaldo also said that Portugal would always remain a part of him.

Record-breaking international career

Ronaldo leaves the Portugal setup as the men’s all-time leading international goalscorer and the player with the most international appearances.

His 146 goals came across 234 appearances for Portugal. He also became one of only two players, alongside Lionel Messi, to feature at six World Cups.

His international career included major individual records as well as team honours, making his departure one of the biggest moments in modern international football.

What happens next

Ronaldo’s announcement comes after he said he would hand back Portugal’s No. 7 shirt following the November international break.

Portugal have Nations League fixtures during the November window, but Ronaldo’s announcement means his international career is now set to conclude after that break.

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Latest world news

US sanctions Indian couple over alleged support for Iran’s shadow fleet

The US has sanctioned an India-based couple and associated entities over allegations that they helped Iranian vessels evade international restrictions through fraudulent maritime registrations.

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Donald Trump

The United States has imposed sanctions on an India-based couple and several associated entities, accusing them of helping Iran’s shadow fleet transport petroleum while evading international restrictions.

The US Treasury identified the individuals as Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid. According to the department, the couple operated a network that provided false maritime flags and certifications to vessels involved in transporting Iranian petroleum, including ships linked to Iran’s military and its proxies. 

The sanctions were announced as part of the Trump administration’s Operation Economic Outcast, a campaign aimed at disrupting Iran’s economic networks and oil revenues.

US alleges fraudulent maritime registrations

According to the US Treasury, Sharma and Shahid allegedly established fraudulent maritime registries and classification societies by creating websites that claimed to provide services on behalf of countries that had not authorised them.

The department said the couple’s activities went back to at least 2014, when they allegedly attempted to impersonate the maritime flagging authority of Dominica.

The Treasury further alleged that their network provided registration and certification services to vessels transporting Iranian petroleum, helping them circumvent international restrictions. 

False ship flags and maritime certifications can allow vessels to operate while avoiding regulatory and sanctions-related scrutiny, according to the US authorities.

India-based firms also face sanctions

The US action also covers several India-based companies and entities associated with the alleged network.

Among those designated are Oceaniek Technologies India and Aryavart Ship Management Private Limited. Other entities named by the Treasury include Precept Trends Private Limited, Polynesia Maritime Private Limited, Alexarya Finserv Private Limited, Alexarya Media and Entertainment Private Limited, Viharaboating Private Limited and Aryavart Maritime and Educational Trust.

The Treasury imposed the measures under Executive Order 13902, which targets key sectors of Iran’s economy, including petroleum, petrochemicals and aviation.

US Treasury issues warning

US Treasury Secretary Scott Bessent warned that Washington would continue targeting people and organisations it believes are supporting Iran.

“Under Operation Economic Outcast, you are either with us or against us,” Bessent said, adding that the US would sanction those it believes continue supporting the Iranian regime, whether by land, sea or air. 

Separately, the US also sanctioned Turkey-based Fugo Ground Services Inc, accusing it of providing ground-handling and other services to US-sanctioned Iranian airlines. 

The latest action therefore extends Washington’s sanctions campaign beyond Iranian entities to foreign individuals and companies that the US alleges are helping Tehran’s sanctioned oil and aviation networks.

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Mojtaba Khamenei warns against expecting US policy shift after midterms

Iran’s Supreme Leader Mojtaba Khamenei has warned against expecting a change in US policy towards Tehran following the Democratic Party’s victory in the US midterm elections. He also cautioned that any renewed American attacks on Iran would widen the ongoing Middle East war.

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Mojtaba

Iran’s Supreme Leader Mojtaba Khamenei has warned against expecting a change in US policy towards Tehran following the Democratic Party’s victory in the US midterm elections. He said those hoping that political changes in Washington would lead to a shift in America’s approach towards Iran were seriously mistaken.

His remarks came after Democrats secured control of both the US House of Representatives and the Senate, dealing a major electoral setback to President Donald Trump and his Republican Party.

In a message posted on the social media platform X on Wednesday, November 4, Khamenei said Iranians understood their position towards the United States more clearly than ever. He also said that examining the reasons behind what he described as US hostility and Iran’s resistance would provide guidance for the country’s future course.

Khamenei cautioned against viewing changes in the political balance in Washington as an indication that American policy towards Iran would become less hostile.

Khamenei Warns Of Wider Middle East War

The Iranian Supreme Leader also warned that the ongoing Middle East war could expand further if the United States resumed its attacks on Iran.

“Should such aggressions be repeated, its (the war) scope will become much wider,” he said.

His warning comes amid continuing tensions between Washington and Tehran, with the conflict involving the two countries remaining a major issue in US politics.

Democrats Take Control Of Both Houses Of Congress

The Democratic Party secured control of both chambers of the US Congress in the midterm elections, marking a significant setback for Trump’s Republicans.

The party benefited from public dissatisfaction with Trump and gained greater power to scrutinise and challenge his administration during the final two years of his presidency.

Trump, meanwhile, struck a conciliatory tone in an interview with The New York Times, saying he was “absolutely willing to accept those results” and was prepared to work with Democrats.

Iran War Emerged As A Key Election Issue

The war involving Iran was among the major issues during the US midterm election campaign.

Democratic candidates criticised Trump over the conflict and linked it to economic difficulties that had contributed to frustration among voters across the country.

Khamenei’s remarks, however, indicated that Tehran does not expect the change in congressional control to result in a fundamental shift in Washington’s approach towards Iran.

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