A Turkish businessman who purchased one of Britain’s largest women’s apparel retail chains Select about 12 years ago is now planning to acquire the European operations of US fashion retailer Forever 21, which has filed for bankruptcy.
Founded in 1984, Forever 21 has approximately 815 stores in 57 countries and has a total of 50 stores across Europe. The US fashion retailer has filed for bankruptcy protection, joining a growing list of brick and mortar retailers succumbing to heavy competition from e-commerce sites and high rent. The company has filed for Chapter 11 bankruptcy, available to every business under the laws of the United States.
Cafer Mahiroğlu is a manufacturer of brands such as Top Shop, New Look, Dorothy, Perkins, Tesco and Evans. He acquired Select in 2007 and managed to get the company back on its feet by closing inefficient stores and strengthening the organization. In addition to the UK, Select has some 7,000 employees, including 1,500 Turks, in its production facilities and chains of stores in Turkey, Romania, Vietnam, China and India. Select, which has close to 200 branches across the UK, continues to grow. Mahiroğlu feels that acquiring Forever 21 would be a very important step for the Turkish textile world.