Page last updated: October 29, 2019
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On September 29, 2019 (the “Filing Date”) Forever XXI ULC (“Forever 21”, “F21 Canada”, or also referred to as the “Company” or the “Applicant”) applied for and received an order (the “Initial Order”) for protection pursuant to the Companies’ Creditors Arrangement Act (“CCAA”), R.S.C.1985, c.C-36, as amended, from the Ontario Superior Court of Justice Commercial List (the “Court”). The Initial Order includes among other things, a stay of proceedings against the Company, and the appointment of PricewaterhouseCoopers Inc., LIT as monitor of the Applicant (“PwC” or the “Monitor”).
The Initial Order, among other things:
In accordance with section 23 (1)(ii)(b) of the CCAA and the Initial Order, on October 4, 2019, a notice was sent to every known creditor of the Applicant who has a claim against the Company of more than $1,000. A copy of the notice is posted on the Notices and List of Creditors subpage.
On October 22, 2019 the Court issued the Stay Extension Order which among other things extended the Stay Period to and including January 31, 2020.
On October 18, 2019, the Monitor filed its Second Report (the “Second Report”) with the Court to provide the Court with information concerning:
On October 17, 2019, the Applicant filed a motion for an order (the “Stay Extension Order”) to extend the Stay Period to and including January 31, 2020 (the “Stay Extension”).
Motion will be heard on October 22, 2019.
On October 7, 2019, the Court issued the Sale Approval Order, which among other things, approved the Consulting Agreement, the Sale Guidelines and authorized F21 Canada, with the assistance of the Consultant, to conduct the sale of its Merchandise and FF&E in accordance with the Sale Approval Order, the Consulting Agreement, and the Sale Guidelines.
On October 3, 2019 the Applicant filed a motion for an order (the “Sale Approval Order”), among other things:
The motion will be heard on October 7, 2019.
Also, on October 3, 2019, the Monitor filed its first report (the “First Report”) with the
Court to provide the Court with information concerning:
This Web site will be updated as information becomes available.
For more information, please contact: Tammy Muradova, Telephone: +1 888 444 1193, or via Email.
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