Once the mall epicenter of cheap jeggings and sequined halter tops, fast-fashion brand Forever 21 is reeling from financial problems, which have only been exacerbated by the rise of e-commerce behemoths like Shein.
Forever 21 is asking some of its landlords for a break on rent—up to 50% on some of its 380 U.S. locations, people familiar with the situation told CNBC. The company filed for bankruptcy in 2019 after being unable to grow sustainably and emerged after being bought by Authentic Brands Group and landlords Simon Property Group and Brookfield Property Partners a year later, but has no plans to file for bankruptcy protections again, the people said.
