Forever 21 Files for Bankruptcy, Catalyst Brands Appoints New MD
Forever 21's U.S. operator has filed for Chapter 11 bankruptcy, leading to the closure of all stores. Meanwhile, Catalyst Brands, formed through the merger of J.C. Penney and Sparc Group, has undergone restructuring and appointed a new managing director for news and business development.
In March, Forever 21's U.S. operator sought bankruptcy protection, resulting in the closure of all stores. However, Authentic Brands Group has secured new operators for the brand, which will now focus on online sales and wholesale.
Catalyst Brands, established 15 months ago, has recently cut about 9% of its corporate roles, following an earlier reduction of around 250 jobs. The company has also sold Reebok to Galaxy Universal. To strengthen its news and business development efforts, Catalyst Brands has appointed Michael Fernandez as its new managing director. Fernandez brings over 20 years of retail experience, most recently serving as chief commercial officer and chief merchandising officer at The Levy Group Inc.
Forever 21 will continue operating online and via wholesale under new operators. Catalyst Brands, following a period of restructuring, has appointed Michael Fernandez to lead its news and business development efforts, aiming to strengthen its position in the market.
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