The retail store Forever 21 has reportedly filed for bankruptcy a second time, resulting in the eventual closure of its 350 US stores, including those in New York City.
The fast-fashion brand entered bankruptcy with $1.58 billion in debt after reportedly losing over $400 million over the last three years.
According to the court filing, Stephen Coulombe, the operating company’s co-chief restructuring officer, noted that Forever 21 was heavily impacted by Shein and Temu’s use of the de minimis exemption, a trade law loophole that allows allowed goods valued under $800 to be shipped into the U.S. without import duties.
Forever 21 is closing the following locations in New York City:
Kings Plaza Mall: 5301 Kings Plaza, Brooklyn (closing May 1)
Staten Island Mall: 2655 Richmond Ave., Staten Island (closing May 1)
Seventh Avenue-Penn Station: 435 Seventh Ave., Manhattan (closing March 30)
Times Square: 1540 Broadway, Manhattan (closing March 30)
The Shops at Atlas Park: 80-40 Cooper Ave., Glendale (closing March 30)
Forever 21 previously filed for bankruptcy in 2019 and obtained $350 million in financing. Previous to this current filing, Forever 21 was looking for a buyer for several months, and despite making contact with several bidders, the court filing stated that no viable deal ever came together.
Liquidation sales are set to begin at the stores that will be closing.
Former Gov. Andrew Cuomo and Queens Assembly Member Zohran Mamdani, two Democrats on opposite ends of the party’s ideological spectrum, are dominating the 2025 money race to unseat Mayor Eric Adams, according to new figures released by their campaigns.
Cuomo, who jumped into the race on March 1, reported having raised a robust $1.5 million from 2,800 donors in just 13 days, according to numbers shared by his campaign ahead of Monday’s city Campaign Finance Board (CFB) deadline for the latest filing period. His strong showing comes after he entered the contest as a frontrunner who has been leading in the polls and racking up endorsements from local pols and unions.
Of Cuomo’s haul, his campaign says $332,000 in contributions are eligible for public matching funds that could grow his war chest to nearly $4.2 million.
“I’ve been humbled by the depth and breadth of the outpouring of support we’ve received upon entering this race,” said Cuomo, who resigned as governor in 2021 amid multiple sexual assault allegations that he denies, in a statement.
The CFB’s matching funds program offers candidates an 8-to-1 match on contributions up to $250 from city residents. Candidates must receive $250,000 contributions from at least 1,000 small-dollar donors who live in the city in order to qualify.
The former governor’s notable donors include his ex-wife Kerry Kennedy, Former Manhattan US Attorney Geoff Berman, and Jessica Seinfeld — the wife of comedian Jerry Seinfeld.
Mamdani, a Democratic socialist who has thus far been one of the strongest fundraisers in the race, has raked in $845,000 during the latest filing period, between mid-January and March 13 — according to his campaign. Those dollars come on top of $643,000 he raised during the last filing period and $2.8 million he has already unlocked in matching funds.
Mamdani’s campaign says roughly $500,000 of his newly raised funds can be used to secure another $4 million in matching funds. His campaign has recieved contributions from over 16,000 individual donors, 73% of whom live in the five boroughs.
“We have the momentum, the movement, and the money to win,” Mamdani said in a statement.
No report on Mayor Adams funding
Mayor Eric Adams complained about the press focussing on Mahmoud Khalil’s case rather than a DOJ legal filing he says exonerates him. On March 11, 2025.Photo by Lloyd MitchellThe campaign of Mayor Eric Adams did not immediately share his campaign’s latest fundraising figures.Photo by Lloyd Mitchell
Vito Pitta, Mayor Adams’ compliance attorney, did not immediately share his campaign’s latest fundraising figures.
Also in a strong fundraising position is city Comptroller Brad Lander.
According to his campaign, the city’s chief money manager raised nearly $228,000 this filing period, of which $130,000 can be used to grow that haul to nearly $1.3 million. That comes on top of nearly $1.2 million in private contributions and close to $3.7 million in matching funds that Lander had previously raised.
Lander’s campaign says his latest filing, combined with the funds he has already amassed, will bring coffers to $6.7 million, putting him on pace to hit the CFB’s $8.3 million spending limit.
“These results show that New Yorkers are hungry to end the Adams-Cuomo nightmare of endless scandal and corruption and replace it with strong, honest leadership,” Lander said in a statement.
Speaker Adams ineligible for public funds
Meanwhile, City Council Speaker Adrienne Adams, the latest entrant into the mayor’s race, has raised $128,000 since launching her bid on March 8, her campaign says. The sum is notably not enough to access matching funds for this filing period, meaning the speaker will not be eligible for public dollars until late May.
Nevertheless, the speaker’s campaign says $78,000 of the money she has raised can be used to grow her war chest to $624,000. She received contributions from 1,128 donors, including 875 who live in the city.
$187K for Stringer
Former city Comptroller Scott Stringer’s campaign says it brought in nearly $187,000 this filing period. Of that amount, about $103,000 can be used to unlock matching funds, bringing his fundraising for the latest reporting term to over $1 million.
Overall, Stringer’s campaign says it has raised roughly $976,000—over $5 million, including matching funds he has already unlocked and anticipates receiving. He will have roughly $4 million cash on hand.
“As my fundraising continues to show, New Yorkers are buying what I am selling, and it’s only upward from here as they learn more about how I will fix what’s broken,” Stringer said in a statement.
The rest of the field
State Sen. Zellnor Myrie (D-Brooklyn) raised approximately $152,000 this filing period, according to numbers provided by his campaign and CFB records. Those funds add to his previous fundraising of over $648,000 in private donations and $2,2 million in public funds.
Businessman Whitney Tilson told Politico that he has raised roughly $300,000 in the last three months.
State Sen. Jessica Ramos (D-Queens) and former Bronx Assembly Member Michael Blake did not release their fundraising numbers early and representatives for their campaigns did not immediately respond to a reporter’s inquiries.
