FEDERAL MINISTRY OF INFORMATION AND NATIONAL ORIENTATION PRESS STATEMENT BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations. In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company. This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria. The facts of this matter remain that Binance is being inve
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FOREVER 21 FASHION BRAND FILES FOR BANKRUPTCY.{PHOTOS}.
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According to BBC NEWS ''The company said it plans to "exit most international locations in Asia and Europe" but would continue to operate in Mexico and Latin America.
It expects to close up to 350 stores worldwide, a spokesperson said, including as many as 178 US stores.
Forever 21 sells inexpensive, trendy clothes and accessories, and competes against brands such as Zara and H&M.
But some analysts say the retailer, founded in 1984, has lost its way over the past five years, and fallen out of favour with young US shoppers looking for relatively cheap clothing.
The company has also, like many traditional retailers, struggled against rising competition from online rivals.
Chapter 11 protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.
A Forever 21 spokesperson said the retailer expected to have between 450 and 500 stores globally after this process, down from its current total of about 800.
Forever 21 had announced last week that it would pull out of Japan by October due to "continued sluggish sales".
The California-based firm has now said it is seeking to close up to 178 stores across the US. It is also closing its stores in Canada, but has provided few details on other markets.
"Decisions as to which international locations will be closing are ongoing. We do not expect to exit any major markets in the US," the spokesperson said.
"This does not mean that we are going out of business - on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future."
Neil Saunders, managing director of GlobalData Retail, said: "The entry of Forever 21 into Chapter 11 bankruptcy is a consequence of both changing trends and tastes within the apparel market and of missteps by the company."
He said that as well as facing competition from the likes of H&M there was also a lack of clarity and differentiation at Forever 21.
"Over the past few years, the brand has lost much of the excitement and oomph which is critical to driving footfall and sales and is now something of an also-ran which is too easily overlooked.
"Store standards have also been sliding and consumer ratings for the quality of displays, merchandise, and the amount of inspiration in shops have dipped considerably over the past year."
He said bankruptcy would result in a much leaner US business, but he added that most, if not all, stores in Europe would be expected to close.
As part of the Chapter 11 proceedings, the firm says it has obtained $275m (£224m) in financing from existing lenders and $75m in new capital.
Executive vice president Linda Chang described the moves as an "important and necessary step to secure the future of our company, which will enable us to reorganize our business and reposition Forever 21".More photos below.
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