MANILA - Operations of Forever 21 Philippines remain "business as usual" following the bankruptcy filing in the US by the global brand, SM Retail Inc. said.
All 15 stores of Forever 21 in the Philippines will continue, SM Retail Inc. said in a press statement issued on Monday.
Forever 21 US filed for Chapter 11 bankruptcy protection on Sunday, which will allow the company to "reorganize, return to profitability, and focus on delivering incredible products to its customers," SM Retail Inc. said.
“There is no effect on our Philippine operations...The Philippines continues to be one of the stronger global operations,” SM Retail Inc. President Chito Manalo Jr said.
In fact, Forever 21 Philippines is also "gearing up" for the peak season this holiday, SM Retail Inc. said.
In 2010, Forever 21 opened its first store located in SM Megamall.