Forever 21’s 2019 Chapter 11 remained in administration as of the February 2022 operating report Dkt. 2377, filed March 21, 2022, with DIP financing paid in full. Advancing a plan required resolving disclosure-statement approval for solicitation after the court’s July 29, 2021 denial Dkt. 2048.

Forever 21’s 2019 Chapter 11 remained in administration as of March 21, 2022, with DIP financing paid in full, as reflected in the February 2022 operating report Dkt. 2377. The court had authorized asset-sale relief but denied the debtors’ request for disclosure-statement approval and solicitation procedures in its July 29, 2021 order Dkt. 2048, leaving disclosure-statement approval as the next unresolved step toward plan solicitation.

The retailer filed for Chapter 11 on September 29, 2019 Dkt. 1 after declining mall traffic, merchandising missteps and unsuccessful international expansion strained liquidity. In his first-day declaration Dkt. 23, Chief Restructuring Officer Jonathan Goulding reported approximately $10 million in monthly international losses and $450 million in annual occupancy costs. The initial restructuring strategy centered on closing underperforming stores, refocusing merchandising and stabilizing vendor relationships.

With only $19.4 million in unrestricted cash at filing, the debtors sought an ABL revolving facility of up to $275 million and a $75 million DIP term facility to fund operations and restore inventory flow ahead of the holiday season, according to the DIP financing declaration Dkt. 25. The court granted final authority to obtain postpetition financing and use cash collateral in its November 5, 2019 financing order Dkt. 397.

The case subsequently pursued an asset-sale path. The court entered an asset-sale and bidding-procedures order Dkt. 854 on February 4, 2020, covering substantially all of the debtors’ assets, and authorized sales of certain designated foreign subsidiaries in its October 30, 2020 order Dkt. 1640.

Forever 21’s 2019 Chapter 11 remained in administration as of the February 2022 operating report Dkt. 2377, filed March 21, 2022, with DIP financing paid in full. Advancing a plan required resolving disclosure-statement approval for solicitation after the court’s July 29, 2021 denial Dkt. 2048.

Forever 21’s 2019 Chapter 11 remained in administration as of March 21, 2022, with DIP financing paid in full, as reflected in the February 2022 operating report Dkt. 2377. The court had authorized asset-sale relief but denied the debtors’ request for disclosure-statement approval and solicitation procedures in its July 29, 2021 order Dkt. 2048, leaving disclosure-statement approval as the next unresolved step toward plan solicitation.

The retailer filed for Chapter 11 on September 29, 2019 Dkt. 1 after declining mall traffic, merchandising missteps and unsuccessful international expansion strained liquidity. In his first-day declaration Dkt. 23, Chief Restructuring Officer Jonathan Goulding reported approximately $10 million in monthly international losses and $450 million in annual occupancy costs. The initial restructuring strategy centered on closing underperforming stores, refocusing merchandising and stabilizing vendor relationships.

With only $19.4 million in unrestricted cash at filing, the debtors sought an ABL revolving facility of up to $275 million and a $75 million DIP term facility to fund operations and restore inventory flow ahead of the holiday season, according to the DIP financing declaration Dkt. 25. The court granted final authority to obtain postpetition financing and use cash collateral in its November 5, 2019 financing order Dkt. 397.

The case subsequently pursued an asset-sale path. The court entered an asset-sale and bidding-procedures order Dkt. 854 on February 4, 2020, covering substantially all of the debtors’ assets, and authorized sales of certain designated foreign subsidiaries in its October 30, 2020 order Dkt. 1640.