Forever 21 Inc. will keep open more than 60 U.S. stores previously set to shutter as part of the company’s bankruptcy restructuring after the retailer secured rent concessions from its biggest landlords, Bloomberg News reported. It’s an early win for the fast-fashion company after it filed for chapter 11 protection in September as talks with mall operators about a possible rescue broke down. The company had no plan for reorganization when it filed, and said it would close at least 178 U.S. stores and dozens more internationally as it worked toward a turnaround. Forever 21 is now targeting about 111 closures, though the ultimate number is still in flux and the final count could change. “Forever 21 was a top-10 tenant for most of the retail REITs we cover, so the landlords have been willing to be flexible about cutting deals,” said Jim Sullivan, an equity research analyst at BTIG who follows the commercial property industry.
