Four of the five Forever 21 stores in Hawaii potentially could close.
The Los Angeles-based retailer filed a list today of 178 U.S. stores, including outlets at Pearlridge Center, Royal Hawaiian Center, Ka Makana Ali‘i and the Kaahumanu Center on Maui that could be shuttered as part of its bankruptcy. If that happens, the only store remaining would be at Ala Moana Center.
Forever 21, founded in 1984, filed for Chapter 11 bankruptcy Sunday amid fierce competition from online retailers. The company said in a court filing today that it expects to begin sales at the stores designated for closing no later than Oct. 31 and that those sales are expected to be completed and the properties vacated by Dec. 31. The company said it does not anticipate closing all 178 store locations as it negotiates rent concessions and other operational improvement with the applicable landlords and will amend the list prior to a court hearing on the motion.
“The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords,” Forever 21 spokeswoman Alecia Pulman said. “We do, however, expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.”