Categories
News

Forever 21 Clothing Chain Files For Bankruptcy : NPR

Forever 21 — the ubiquitous mall-based fashion retailer aimed at teens, tweens and young adults — filed for Chapter 11 bankruptcy protection, joining a growing list of apparel outlets to fall victim to competitive online market pressures.

The California-based company may close up to 178 U.S. stores, according to court records.

In a statement to customers Sunday night, Forever 21 said the bankruptcy move was necessary so it could take “positive steps to reorganize the business so we can return to profitability.”

Source: Forever 21 Clothing Chain Files For Bankruptcy : NPR

Advertisements