“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,” said Linda Chang, executive vice president of Forever 21, Inc.
Forevor 21 has obtained $275 million in financing from its existing lenders and $75 million in new capital from TPG Sixth Street Partners. The company will use the funds to operate business as usual, including accepting gift cards, returns and exchanges, according to the statement.
There are Forever 21 locations at The Greene Town Center and the Dayton Mall, as well as the Kenwood Towne Center and Florence Mall.
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