Catalyst Brands Slashes More Jobs, Names New Exec as Forever 21 Goes Online
Catalyst Brands, formed in August 2022 through the merger of J.C. Penney and Sparc Group, has recently undergone significant changes. The company has reduced its corporate workforce and appointed a new executive, while also handling the future of the once-popular retailer Forever 21.
In April 2023, Catalyst Brands announced a reduction of about 9% of its corporate roles, following a previous cut of around 250 people in February. This move comes as the company continues to streamline its operations.
Michael Fernandez, a retail veteran with over 20 years of experience, has joined Catalyst Brands as its new chief wholesale and business development officer. Most recently, Fernandez served as chief commercial officer and chief merchandising officer at The Levy Group Inc. He will report to CEO Marc Rosen and oversee all wholesale operations, as well as business-to-business, licensing, and business development efforts.
Meanwhile, Authentic Brands Group, which had joined forces with Sparc Group in a joint venture earlier this year, has found new operators for Forever 21. Following the U.S. operator's Chapter 11 bankruptcy in March 2023 and the subsequent closure of all stores, Forever 21 will now operate solely online and via wholesale.
Catalyst Brands continues to reshape its operations, with recent workforce reductions and the appointment of Michael Fernandez to a key role. The future of Forever 21 also sees a shift to online and wholesale operations under the guidance of Authentic Brands Group.
