Forever 21 seeks rent concessions as fast fashion brand faces financial woes [CNBC]
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Simon Property Group, Inc. (SPG)
Last simon property group, inc. earnings: 2/4 07:30 am
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Source: CNBC
The retailer, which has more than 380 stores in the U.S., has asked some landlords to cut its rent by as much as 50%, people familiar with the matter told CNBC. While the company is facing financial difficulties, it has yet to hire advisors and isn't considering a second bankruptcy filing, the people said. It's working to restructure its many leases so it can cut costs, they said. Forever 21 faces a range of issues that have long plagued its business . It operates in the increasingly saturated fast fashion market, and struggles to manage inventory and understand and respond to its consumer, one of the people said. The retailer's struggles come after it filed for bankruptcy in 2019 and was later bought by a consortium including brand management company Authentic Brands Group and landlords Simon Property Group and Brookfield Property Partners. When the company sought bankruptcy protection, it had more than 800 locations globally. Similar to many retailers, Forever 21's massiv
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News
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SPG
Earnings
- 8/5/24 - Miss
SPG
Sec Filings
- 8/30/24 - Form 4
- 8/30/24 - Form 4
- 8/30/24 - Form 4
- SPG's page on the SEC website