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Liberty Two Degrees says it is not exposed to Forever 21 bankruptcy fallout

Oct 01 2019 17:04
Compiled by Khulekani Magubane

Liberty's property portfolio holder Liberty Two Degrees [JSE:L2D] says its single Forever 21 store in Nelson Mandela Square, Johannesburg, is still open and trading. 

Forever 21, an American fashion retail giant, announced on Monday it had filed for chapter 11 bankruptcy in the US due to intense competition and steep rental costs.

In an update to shareholders on Tuesday, Liberty Two Degrees said it was aware of news of the bankruptcy. 

"Forever 21 in Nelson Mandela Square is managed by a franchisee and we are currently engaging with this party to ascertain the impact of the global closure of stores. The store is currently open and trading as normal," it said. 

Liberty Two Degrees said its exposure to Forever 21 was limited to the single store, which represents 0.27% of its total portfolio’s gross leasable area and 0.40% of total portfolio gross rental.

forever 21  |  bankruptcy
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