Ceaselessly 21’s operator in america filed for chapter on Sunday, because the attire firm, which helped popularize quick trend in america, struggles to compete with on-line retailers.
F21 OpCo, the operator, in addition to some U.S. subsidiaries, filed for Chapter 11 chapter within the Chapter Courtroom of Delaware, court docket paperwork present. The corporate listed its estimated property as between $100 million and $500 million, and liabilities of $1 billion to $5 billion. The corporate additionally filed for chapter in 2019.
Ceaselessly 21 discovered success within the early 2000s promoting cheaply produced trend that appealed to younger ladies searching for garments impressed by designer kinds, at rock-bottom costs. At its peak, it had greater than $4 billion in annual gross sales and employed greater than 43,000 folks worldwide in lots of of shops.
However the retailer expanded too aggressively simply as know-how was starting to upend its enterprise.
It first filed for chapter in 2019, closing down greater than 30 p.c of its shops in america, earlier than being purchased out of chapter by Sparc Group, a three way partnership between Genuine Manufacturers Group and Simon Property Group, a mall operator.
In 2023, Sparc signed an settlement with Shein, the Chinese language e-commerce retailer identified for its ultralow costs. Shein agreed to purchase a couple of third of Sparc’s shares. Below the settlement, Shein might at some point function stores-within-stores at Ceaselessly 21 shops, whereas Ceaselessly 21’s garments can be offered on Shein’s web site.
Ceaselessly 21 didn’t instantly reply to a request for remark.