Forever 21 Files for Bankruptcy
Online shopping and changing consumer habits took their toll on Forever 21, which struggled to adapt. Now, the fast fashion retailer is filing for bankruptcy and making plans to close 350 stores worldwide. About half of the stores closing their doors are in the U.S., while the rest are located throughout Europe, Canada, and Asia. While Forever 21 is withdrawing from forty countries, it will continue to operate in Mexico and Latin America.
“This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21,” said Linda Chang, the company’s executive vice president.