Fashion Retailer Forever 21 Operator Files for Bankruptcy (1)

F21 OpCo, LLC files for Chapter 11 bankruptcy protection in Delaware, according to statement.

• Estimated liabilities of $1b-$10b; estimated assets of $100m-$500m, according to a court filing
• Co. and some US subsidiaries have entered into a plan support agreement with secured lenders
• Continues marketing process to solicit interest in a going concern transaction or a sale of some or all of its assets
  • In the event of a successful sale, co. may pivot away from a full wind down of operations to facilitate a going-concern transaction
• Forever 21 stores and website in the US will remain open as co. begins ...