Parent company Liberated Brands blamed fast fashion and e-commerce moving too quickly to sustain its outdated brick-and-mortar stores in bankruptcy filings.
In 2019, Forever 21 filed for Chapter 11 and was acquired from bankruptcy by Sparc, a collaboration between Authentic Brands Group and mall operators Simon Property Brookfield Asset Management Inc.
With 350 locations, the fast-fashion brand is owned by licensing firm Authentic Brands Group, while the stores, e-commerce and manufacturing operations are run by an entity called F21 OpCo.