MIRA INFORM REPORT

 

 

 

 

Report Date :

10.01.2014

 

IDENTIFICATION DETAILS

 

Name :

FOREVER 21 INC  

 

 

Registered Office :

2001 South Alameda Street, Los Angeles, CA 90058

 

 

Country :

United States 

 

 

Year of Establishment :

1984

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Subject operates as an American chain of clothing retailers

 

 

No. of Employees :

51

 

 


 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United States 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 


company name & address  

 

Forever 21 Inc 

2001 South Alameda Street

Los Angeles, CA 90058

United States

Tel:       213-741-5100

Fax:      213-741-8995

 

 

Registration data   

 

Employees:                  51

Company Type:             Private Parent

Corporate Family:          400 Companies

Incorporation Date:         1984

Financials in:                 USD (Millions)

Reporting Currency:       US Dollar

Annual Sales:               1,050.0

Total Assets:                NA

 

 

Business Description     

 

Forever 21, Inc. is a United States-based company that operates as an American chain of clothing retailers. Its retail stores sell apparel, including tops, dresses, sweaters, outerwear, jeans, bottoms, intimates, active wear, and maternity wear; casual and dressy shoes; and accessories, including beauty items, jewells, handbags, wallets, scarves, gloves, belts, hats, hair clips, sunglasses, leg wear, and gift items. The Company's brands include Forever 21, Heritage 1981, Love 21 Contemporary, Forever 21+ Plus Sizes, 21 Mens, Forever 21 Girls. It owns and operates a chain of fashion retail stores for women in the United States, Canada, China, Indonesia, Japan, Jordan, Bahrain, Saudi Arabia, Korea, Kuwait, Malaysia, Singapore, Oman, Thailand, and the United Arab Emirates.

 

Industry             

Industry            Retail (Apparel)

ANZSIC 2006:    4251 - Clothing Retailing

NACE 2002:      5242 - Retail sale of clothing

NAICS 2002:     44811 - Men's Clothing Stores

UK SIC 2003:    52424 - Retail sale of other men's clothing

US SIC 1987:    5611 - Men's and Boys' Clothing and Accessory Stores

 

           


 

Key Executives  

(Emails Available)       

 

Name

Title

Do Won Chang

Chief Executive Officer

Kristen Strickler

Key People - Marketing

Tassie Hall

Manager, Accounting and Finance Department

Megan Bryan

Director-Marketing

Linda Chang

Senior Marketing Manager

 

 

News   

 

Title

Date

Fifth Sun Apparel chooses Sunrise Technologies and Microsoft Dynamics AX as "Logical Choice" for their ERP Implementation
PR Web (474 Words)

19-Jun-2012

Forever 21 Expands Presence at Rouse Properties' Southland Center
Business Wire (516 Words)

11-Jun-2012

AffiliateTraction and AdComply Team Up to Offer the First-Ever Content Brand Oversight for Merchant Affiliate Programs
PR Web (699 Words)

22-May-2012

BRIEF: Forever 21 to take some of Bloomingdale's space at Mall of America
Saint Paul Pioneer Press (MN) (186 Words)

18-May-2012

pounds 4m store plan for city centre site
Liverpool Echo (UK) (107 Words)

18-May-2012

 

 

ABI Number: 579800848

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location

2001 South Alameda Street

Los Angeles, CA, 90058

Los Angeles County

United States

Tel:       213-741-5100

Fax:      213-741-8995

Web:    www.forever21.com

           

Sales USD(mil):             1,050.0

Assets USD(mil):           NA

Employees:                   51

Industry:                        Retail (Apparel)

Incorporation Date:         1984

Company Type:             Private Parent

Quoted Status:              Not Quoted

Chief Executive Officer:   Do Won Chang

 

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Key Corporate Relationships

Additional Information

 

Industry Codes

 

ANZSIC 2006 Codes:

4251     -          Clothing Retailing

4259     -          Other Personal Accessory Retailing

 

NACE 2002 Codes:

5242     -          Retail sale of clothing

 

NAICS 2002 Codes:

448140  -          Family Clothing Stores

448150  -          Clothing Accessories Stores

448120  -          Women's Clothing Stores

44811   -          Men's Clothing Stores

448130  -          Children's and Infants' Clothing Stores

448190  -          Other Clothing Stores

 

US SIC 1987:

5641     -          Children's and Infants' Wear Stores

5632     -          Women's Accessory and Specialty Stores

5611     -          Men's and Boys' Clothing and Accessory Stores

5699     -          Miscellaneous Apparel and Accessory Stores

5651     -          Family Clothing Stores

5621     -          Women's Clothing Stores

 

UK SIC 2003:

52424   -          Retail sale of other men's clothing

5242     -          Retail sale of clothing

52423   -          Retail sale of other women's clothing

52422   -          Retail sale of children's and infants' clothing

 


Business Description

Forever 21, Inc. is a United States-based company that operates as an American chain of clothing retailers. Its retail stores sell apparel, including tops, dresses, sweaters, outerwear, jeans, bottoms, intimates, active wear, and maternity wear; casual and dressy shoes; and accessories, including beauty items, jewells, handbags, wallets, scarves, gloves, belts, hats, hair clips, sunglasses, leg wear, and gift items. The Company's brands include Forever 21, Heritage 1981, Love 21 Contemporary, Forever 21+ Plus Sizes, 21 Mens, Forever 21 Girls. It owns and operates a chain of fashion retail stores for women in the United States, Canada, China, Indonesia, Japan, Jordan, Bahrain, Saudi Arabia, Korea, Kuwait, Malaysia, Singapore, Oman, Thailand, and the United Arab Emirates.

 

More Business Descriptions

 

Establishments primarily engaged in the retail sale of clothing, furnishings, and accessories for men, women, and children, without specializing in sales for an individual sex or age group.

 

Forever 21 is a privately held company that operates various clothing stores in the United States, Canada, Indonesia, Korea, Malaysia, China and United Arab Emirates. Its stores offer casual tops, sweaters, pants, shorts, skirts, dresses, coats and jackets. The company's stores also sell a range of accessories, such as jewelry, bags, wallets, sunglasses, shoes, belts, hats and scarves. Additionally, Forever 21 provides online gift cards for customers. The company sells products under the Forever 21, Heritage 1981, Twelve by Twelve, Faith 21 and Love 21 brands. It offers shipping services throughout the world. The company provides online shopping and payment options.

 

Brand/Trade Names

Xxi - Jewelry

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

1,050.0

1 Year Growth

NA

 

Key Corporate Relationships

Bank:

Wells Fargo Financial

 

 

 

 

 

 

 

Additional Information

ABI Number:

579800848

 

 

 

 

 


Credit Report as of 11/01/2011

 

Location

2001 S Alameda St
Vernon, CA 90058-1015
United States

 

County:

Los Angeles

MSA:

LA-Long Bch, CA

 

Phone:

213-741-8257

Fax:

213-741-5122

URL:

http://forever21.com

 

ABI©:

579800848

 

Annual Sales:

$1,050,000,000 (USD)

Employees:

51

 

Facility Size(ft2):

10,000 - 39,999

 

Business Type:

Private

Location Type:

Headquarter

Primary Line of Business:

SIC:

5651-01 - Clothing-Retail

NAICS:

448140 - Family Clothing Stores

Secondary Lines of Business:

SICs:

5621-01 - Women's Apparel-Retail

NAICS:

448120 - Women's Clothing Stores

 

 

Similar Businesses in the Area *

 

Aimee M Clothing

1516 E Adams Blvd

Los Angeles, CA 90011-1822     

 

Strech Is Comfort

2619 Leta St

Los Angeles, CA 90011-1830     

 

Fivefour Clothing

1430 E Washington Blvd

Los Angeles, CA 90021-3040

 

B & B Fashion Inc

1427 E Adams Blvd

Los Angeles, CA 90011-1819     

 


Forever 21

1933 S Alameda St

Vernon, CA 90058-1013 

 

GUESS? Retail Inc

1444 S Alameda St

Los Angeles, CA 90021-2433

 

GUESS? Inc

1444 S Alameda St

Los Angeles, CA 90021-2433     

 

Champagne Italy

1537 E Adams Blvd

Los Angeles, CA 90011-1821     

 

Janette Plus

1711 E 23rd St

Vernon, CA 90058-1012

 

Stauton Fashion

1953 Staunton Ave

Los Angeles, CA 90058-1031

 

   *        Similar Businesses are defined as the closest businesses sharing the same six-digit primary SIC code ( 5651-01 - Clothing-Retail) regardless of size.

 

 

Closest Neighbors

 

Alpha Trim

1901 S Alameda St Ste: 114

Vernon, CA 90058-1037 

 

M & M Distributors

1953 S Alameda St

Vernon, CA 90058-1013 

 

Tama Trading Co Inc

1920 E 20th St

Vernon, CA 90058-1076

 

Alco Waba Inc

1901 S Alameda St Ste: 101

Los Angeles, CA 90058-1037     

 

Forever 21

1933 S Alameda St

Vernon, CA 90058-1013 


 

ABC Express Chinese Food

1907 S Alameda St

Vernon, CA 90058-1013

 

 

 

Corporate Family

Corporate Structure News:

 

Forever 21 Inc

Forever 21 Inc 
Total Corporate Family Members: 400 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Forever 21 Inc

Parent

Los Angeles, CA

United States

Retail (Apparel)

1,050.0

51

 

Forever 21

Branch

Tukwila, WA

United States

Retail (Apparel)

31.1

167

 

Forever 21

Branch

Pasadena, CA

United States

Retail (Apparel)

29.8

160

 

Forever 21

Branch

New York, NY

United States

Retail (Apparel)

24.2

130

 

Forever 21

Branch

San Francisco, CA

United States

Retail (Apparel)

23.3

125

 

Forever 21

Branch

Atlanta, GA

United States

Retail (Apparel)

23.3

125

 

Forever 21

Branch

Chicago, IL

United States

Retail (Apparel)

22.3

120

 

Forever 21

Branch

Houston, TX

United States

Retail (Apparel)

22.3

120

 

Forever 21

Branch

Chandler, AZ

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Orlando, FL

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Yonkers, NY

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Anchorage, AK

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Milpitas, CA

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Boston, MA

United States

Retail (Apparel)

18.6

100

 

Forever 21

Branch

Wichita, KS

United States

Retail (Apparel)

16.7

90

 

Forever 21

Branch

Miami, FL

United States

Retail (Apparel)

16.7

90

 

Forever 21

Branch

Paramus, NJ

United States

Retail (Apparel)

15.8

85

 

Forever 21

Branch

Columbus, OH

United States

Retail (Apparel)

15.8

85

 

Forever 21

Branch

Lombard, IL

United States

Retail (Apparel)

14.9

80

 

Forever 21

Branch

Victorville, CA

United States

Retail (Apparel)

14.9

80

 

Forever 21

Branch

Seattle, WA

United States

Retail (Apparel)

14.9

80

 

Forever 21

Branch

Charleston, SC

United States

Retail (Apparel)

14.0

75

 

Forever 21

Branch

Cincinnati, OH

United States

Retail (Apparel)

14.0

75

 

Forever 21

Branch

Wellington, FL

United States

Retail (Apparel)

14.0

75

 

Forever 21

Branch

Schaumburg, IL

United States

Retail (Apparel)

13.0

70

 

Forever 21

Branch

Glendale, CA

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Sunrise, FL

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Gilbert, AZ

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Omaha, NE

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Watertown, MA

United States

Retail (Apparel)

11.2

60

 

Forever 21

Branch

Mc Lean, VA

United States

Retail (Apparel)

10.2

55

 

Forever 21

Branch

Augusta, GA

United States

Retail (Apparel)

10.2

55

 

Forever 21

Branch

Lafayette, LA

United States

Retail (Apparel)

9.7

52

 

Forever 21

Branch

Tampa, FL

United States

Retail (Apparel)

9.5

51

 

Forever 21

Branch

Tulsa, OK

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Metairie, LA

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Houston, TX

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Glendale, WI

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Pittsburgh, PA

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Bloomington, MN

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Arlington, VA

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Cincinnati, OH

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Wayne, NJ

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Salinas, CA

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Raleigh, NC

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Orlando, FL

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Orland Park, IL

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Spokane Valley, WA

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

Oklahoma City, OK

United States

Retail (Apparel)

9.3

50

 

Forever 21

Branch

South Miami, FL

United States

Retail (Apparel)

8.6

46

 

Forever 21

Branch

Sparks, NV

United States

Retail (Apparel)

8.4

45

 

Forever 21

Branch

Sacramento, CA

United States

Retail (Apparel)

8.4

45

 

Forever 21

Branch

Fort Wayne, IN

United States

Retail (Apparel)

8.4

45

 

Forever 21

Branch

King Of Prussia, PA

United States

Retail (Apparel)

7.8

42

 

Forever 21

Branch

Providence, RI

United States

Retail (Apparel)

7.8

42

 

Forever 21

Branch

Norman, OK

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Flint, MI

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Salem, NH

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Pittsburgh, PA

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

San Antonio, TX

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Mesa, AZ

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Pineville, NC

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Winston Salem, NC

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Massapequa, NY

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Pearland, TX

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Madison, WI

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Lake Grove, NY

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Concord, NC

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Etiwanda, CA

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Grapevine, TX

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Daly City, CA

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Portland, OR

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Farmington, CT

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Ventura, CA

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Poughkeepsie, NY

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

South Portland, ME

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Mobile, AL

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Greensboro, NC

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

Orem, UT

United States

Retail (Apparel)

7.4

40

 

Forever 21

Branch

College Station, TX

United States

Retail (Apparel)

7.3

39

 

Forever 21

Branch

Charlotte, NC

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Downey, CA

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Brea, CA

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

El Centro, CA

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Appleton, WI

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Lynnwood, WA

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Hattiesburg, MS

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Denver, CO

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Kahului, HI

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Auburn, MA

United States

Retail (Apparel)

6.5

35

 

Forever 21

Branch

Clinton Twp, MI

United States

Retail (Apparel)

6.3

34

 

Forever 21

Branch

National City, CA

United States

Retail (Apparel)

6.3

34

 

Forever 21

Branch

Geneva, IL

United States

Retail (Apparel)

6.1

33

 

Forever 21

Branch

Dearborn, MI

United States

Retail (Apparel)

6.1

33

 

Forever 21

Branch

Baltimore, MD

United States

Retail (Apparel)

6.1

33

 

Forever 21

Branch

Wauwatosa, WI

United States

Retail (Apparel)

6.0

32

 

Forever 21

Branch

Eugene, OR

United States

Retail (Apparel)

6.0

32

 

Forever 21

Branch

Sterling Heights, MI

United States

Retail (Apparel)

5.8

31

 

Forever 21

Branch

Springfield, VA

United States

Retail (Apparel)

5.8

31

 

Forever 21

Branch

White Plains, NY

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Concord, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Burbank, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Lone Tree, CO

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Henderson, NV

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Memphis, TN

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Norridge, IL

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Manchester, NH

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Arcadia, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Bay Shore, NY

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Westminster, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Lansing, MI

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Manchester, CT

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

North Riverside, IL

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Dublin, OH

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Langhorne, PA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Aiea, HI

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Pembroke Pines, FL

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Nashville, TN

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Saugus, MA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Pleasanton, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Sacramento, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Santa Clara, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Fairview Heights, IL

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Murfreesboro, TN

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Orange, CA

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Fayetteville, AR

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Independence, MO

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Troy, MI

United States

Retail (Apparel)

5.6

30

 

Forever 21

Branch

Milford, CT

United States

Retail (Apparel)

5.4

29

 

Forever 21

Branch

Albuquerque, NM

United States

Retail (Apparel)

5.2

28

 

Forever 21

Branch

Fort Worth, TX

United States

Retail (Apparel)

5.2

28

 

Forever 21

Branch

Buford, GA

United States

Retail (Apparel)

5.0

27

 

Forever 21

Branch

Elizabeth, NJ

United States

Retail (Apparel)

5.0

27

 

Forever 21

Branch

Portland, OR

United States

Retail (Apparel)

5.0

27

 

Forever 21

Branch

Taylor, MI

United States

Retail (Apparel)

5.0

27

 

Forever 21

Branch

San Jose, CA

United States

Retail (Apparel)

5.0

27

 

Forever 21

Branch

Staten Island, NY

United States

Retail (Apparel)

4.8

26

 

Forever 21

Branch

Waldorf, MD

United States

Retail (Apparel)

4.8

26

 

Forever 21

Branch

Kennesaw, GA

United States

Retail (Apparel)

4.8

26

 

Forever 21

Branch

Phoenix, AZ

United States

Retail (Apparel)

4.8

26

 

Forever 21

Branch

Newark, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

San Jose, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Eatontown, NJ

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Niles, OH

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

West Des Moines, IA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Hazelwood, MO

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Jersey City, NJ

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

St Paul, MN

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

San Bruno, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Palm Beach Gdns, FL

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Riverside, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Wilmington, NC

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

San Diego, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

El Cajon, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Redondo Beach, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Fort Worth, TX

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Tallahassee, FL

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Baltimore, MD

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

El Paso, TX

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Happy Valley, OR

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Toledo, OH

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Whitehall, PA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Lithonia, GA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Moreno Valley, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Indianapolis, IN

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Palm Desert, CA

United States

Retail (Apparel)

4.7

25

 

Forever 21

Branch

Willow Grove, PA

United States

Retail (Apparel)

4.5

24

 

Forever 21

Branch

Plano, TX

United States

Retail (Apparel)

4.5

24

 

Forever 21

Branch

Vancouver, WA

United States

Retail (Apparel)

4.5

24

 

Forever 21

Branch

Newport News, VA

United States

Retail (Apparel)

4.5

24

 

Forever 21

Branch

Dayton, OH

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Lakewood, CA

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Panorama City, CA

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Gaithersburg, MD

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Hayward, CA

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Columbia, MD

United States

Retail (Apparel)

4.3

23

 

Forever 21

Branch

Baltimore, MD

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Toms River, NJ

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Bethesda, MD

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Irvine, CA

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Exton, PA

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Denver, CO

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Tucson, AZ

United States

Retail (Apparel)

4.1

22

 

Forever 21

Branch

Grand Rapids, MI

United States

Retail (Apparel)

3.9

21

 

Forever 21

Branch

Montclair, CA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Gurnee, IL

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

San Mateo, CA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Meriden, CT

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Naples, FL

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Antioch, CA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Sarasota, FL

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Clearwater, FL

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Newark, CA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Humble, TX

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Duluth, GA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Rogers, AR

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Camp Hill, PA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Pittsburgh, PA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

St Petersburg, FL

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Silverdale, WA

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

New York, NY

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Wheaton, MD

United States

Retail (Apparel)

3.7

20

 

Forever 21

Branch

Savannah, GA

United States

Retail (Apparel)

3.7

20

 

Heritage 1981

Branch

West Des Moines, IA

United States

Retail (Apparel)

3.2

20

 

Forever 21

Branch

Lawrenceville, GA

United States

Retail (Apparel)

3.5

19

 

Forever 21

Branch

Glen Burnie, MD

United States

Retail (Apparel)

3.3

18

 

Forever 21

Branch

St Louis, MO

United States

Retail (Apparel)

3.3

18

 

Forever 21

Branch

Cudahy, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

Carlsbad, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

Modesto, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

San Diego, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

Santa Barbara, CA

United States

Retail (Apparel)

3.2

17

 

Forever 21

Branch

Westland, MI

United States

Retail (Apparel)

3.0

16

 

Forever 21

Branch

San Francisco, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Deptford, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bloomington, MN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cleveland, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Long Island City, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Roseville, MN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Walnut Creek, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Escondido, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Hurst, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Portage, MI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Santa Barbara, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Monterey, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Pottstown, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cherry Hill, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Davis, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Seattle, WA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Costa Mesa, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Medley, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Dover, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Tempe, AZ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Sherman Oaks, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Kansas City, MO

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Antonio, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Saratoga Springs, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Skokie, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Annapolis, MD

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chesterfield, MO

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Sandy, UT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Providence, RI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

East Brunswick, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Waterford, CT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Towson, MD

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chicago, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bethlehem, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Myrtle Beach, SC

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cleveland, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Columbia, SC

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Ontario, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Mission Viejo, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Alpharetta, GA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bridgewater, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Flushing, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

North Olmsted, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Alexandria, LA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Troy, MI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Maumee, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Aurora, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Diego, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Lancaster, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Santa Monica, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Honolulu, HI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Westminster, CO

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

City Of Industry, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Morgantown, WV

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Huntsville, AL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Wesley Chapel, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Little Rock, AR

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Yorktown Heights, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Diego, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

North Attleboro, MA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Palmdale, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Santa Ana, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Stockton, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Concord, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Lawrenceville, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Media, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Houston, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Altamonte Spgs, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Hoover, AL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Ann Arbor, MI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Florence, KY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Woodbridge, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Victor, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bolingbrook, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Salt Lake City, UT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Mishawaka, IN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Burnsville, MN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Sugar Land, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Calexico, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Monroeville, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Houston, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Slidell, LA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Huntington Beach, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Taunton, MA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Miami, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Gretna, LA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Champaign, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Frazer, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Harlingen, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Mesquite, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Valencia, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cheektowaga, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Torrance, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Boise, ID

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Atlanta, GA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Brandon, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Waterbury, CT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Monroe, LA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Anaheim, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chicago, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Marlborough, MA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Hanford, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Hemet, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Luis Obispo, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Scottsdale, AZ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

El Paso, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Knoxville, TN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Yuba City, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Francisco, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

St Louis, MO

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Roseville, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Monroeville, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Canoga Park, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Columbus, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Austin, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bakersfield, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Valley Stream, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Frisco, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Los Angeles, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Hampton, VA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Canton, OH

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Oak Brook, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Camarillo, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Coralville, IA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Concord, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Woodbridge, VA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Montebello, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Lakewood, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Novi, MI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Albuquerque, NM

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Olympia, WA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Jacksonville, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chico, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Brooklyn, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Kansas City, MO

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Destin, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Tacoma, WA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Fargo, ND

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Honolulu, HI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Riverside, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Culver City, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chicago, IL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Fairfield, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Danbury, CT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

New York, NY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Bernardino, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Miami, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cypress, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Edison, NJ

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Bellevue, WA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Fresno, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Cambridge, MA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Jacksonville, FL

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Auburn Hills, MI

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Las Vegas, NV

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Santa Rosa, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Corpus Christi, TX

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Kansas City, KS

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Vernon, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

San Rafael, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Chattanooga, TN

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Tannersville, PA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Atlanta, GA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Lexington, KY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Louisville, KY

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Durham, NC

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Granada Hills, CA

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Trumbull, CT

United States

Retail (Apparel)

2.8

15

 

Forever 21

Branch

Indianapolis, IN

United States

Retail (Apparel)

2.6

14

 

Forever 21

Branch

Littleton, CO

United States

Retail (Apparel)

2.4

13

 

Forever 21

Branch

New York, NY

United States

Retail (Apparel)

2.4

13

 

Forever 21

Branch

Bethlehem, PA

United States

Retail (Apparel)

2.4

13

 

Forever 21

Branch

Austin, TX

United States

Retail (Apparel)

2.4

13

 

Forever 21

Branch

Fairfax, VA

United States

Retail (Apparel)

2.2

12

 

Forever 21

Branch

Clinton Twp, MI

United States

Retail (Apparel)

2.0

11

 

Forever 21

Branch

Doral, FL

United States

Retail (Apparel)

1.9

10

 

Forever 21

Branch

Laredo, TX

United States

Retail (Apparel)

1.9

10

 

Forever 21

Branch

St Peters, MO

United States

Retail (Apparel)

1.5

8

 

Forever 21

Branch

Morgantown, WV

United States

Retail (Apparel)

1.5

8

 

Forever 21

Branch

Tigard, OR

United States

Retail (Apparel)

1.1

6

 

Forever 21

Branch

Fayetteville, NC

United States

Retail (Apparel)

0.7

4

 

Heritage 1981

Branch

Dearborn, MI

United States

Retail (Apparel)

0.3

2

 

 

 


Executive report

 

Executives

 

Name

Title

Function

 

Do Won Chang

 

Chief Executive Officer

Chief Executive Officer

 

Stacy Bahnsen

 

Finance Executive

Finance Executive

 

Tassie Hall

 

Manager, Accounting and Finance Department

Finance Executive

 

Heidi Lohr

 

Finance Executive

Finance Executive

 

Maria Viola

 

Finance Executive

Finance Executive

 

Minhui Weller

 

Finance Executive

Finance Executive

 

Kate Chun

 

Director-Human Resources

Human Resources Executive

 

Afiong Ekong

 

Human Resources Supervisor, Training and Development

Human Resources Executive

 

Paul Petrylka

 

Vice President - Human Resources

Human Resources Executive

 

Joseph Blackmon

 

Webmaster

E-Commerce Executive

 

Megan Bryan

 

Director-Marketing

Marketing Executive

 

Linda Chang

 

Senior Marketing Manager

Marketing Executive

 

Kristen Strickler

 

Key People - Marketing

Marketing Executive

 

Jay Cha

 

Information Technology

Information Executive

 

Donny Kim

 

Director, Information Technology

Information Executive

 

Esther Kim

 

Information Technology Department

Information Executive

 

Amy Wong

 

Product Manager

Product Management Executive

 

Heather Galbraith

 

Buyer-Knits and Outerwear

Merchandise Management Executive

 

Albert Kim

 

Purchasing Manager

Purchasing Executive

 

Faye Garrett

 

District Manager

Other

 

Erin Sultan

 

Audio and Visual Merchandiser

Other

 

 


Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST


 

·        We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

·         We have also removed both the short- and long-term ratings from CreditWatch negative.

·        The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

·        More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

·        Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

·        The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

 

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

 

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

 

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

 

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

 

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

 

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

 

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

 

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

 

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

 

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

 

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

 

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

 

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

 

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

 

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

 

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

 

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

 

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

 

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.18

UK Pound

1

Rs.102.31

Euro

1

Rs.84.50

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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