Forever 21 Goes Online-Only, Catalyst Brands Appoints Michael Fernandez
Forever 21's U.S. operator filed for Chapter 11 bankruptcy in March, leading to the closure of all stores. Meanwhile, Catalyst Brands, formed through the merger of J.C. Penney and Sparc Group, has appointed Michael Fernandez as its new chief wholesale and business development officer.
Authentic Brands Group has secured new operators for Forever 21, which will now operate solely online and via wholesale. This shift comes after the retailer's U.S. operator filed for bankruptcy, closing all physical stores.
Catalyst Brands, a company formed eight months ago through the merger of J.C. Penney and Sparc Group, has bolstered its leadership team. Michael Fernandez, appointed in September 2025, brings over two decades of retail experience, most recently serving as chief commercial officer and chief merchandising officer at The Levy Group Inc. In his new role, Fernandez will report to CEO Marc Rosen and oversee all wholesale operations, as well as business-to-business, licensing, and business development efforts. Prior to this appointment, Catalyst Brands sold Reebok to Galaxy Universal and implemented a restructuring plan, cutting about 9% of its corporate roles in April.
Forever 21's U.S. operations have undergone significant changes, transitioning to an online and wholesale-only model. Catalyst Brands, following a merger and restructuring, has appointed Michael Fernandez to a key leadership role, aiming to strengthen its wholesale and business development strategies.
