Forever 21 files for bankruptcy

Individuals stroll by the clothes retailer Ceaselessly 21 in New York Metropolis, U.S., September 12, 2019. REUTERS/Shannon Stapleton

(Reuters) – Struggling vogue retailer Ceaselessly 21 Inc stated on Sunday it has filed for Chapter 11 chapter safety to restructure its enterprise.

The retailer’s chapter marks one other casualty amongst brick-and-mortar gamers, who’ve suffered from altering customers traits of buying on-line versus visiting malls.

Ceaselessly 21 stated it obtained $275 million in financing from its current lenders with JPMorgan Chase Financial institution, N.A. as agent, and $75 million in new capital from TPG Sixth Road Companions, and sure of its affiliated funds.

Reporting by Rama Venkat in Bengaluru; modifying by Uttaresh.V

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