Say it isn’t so! Forever 21, the popular retailer known for inexpensive go-to basics and carrying the most up-to date fashion has officially filed for bankruptcy. Following the troubling financial status notice, the company announced its plans to close up to 178 stores in the US.
The chain said it is planning to close between 300 to 350 locations world-wide, including the 178 shops in the US. Although, decisions about which US stores would close are still pending.
This year, multiple fashion retail outlets with both in-store and online shopping platforms such as Macy’s, Top Shop, Nordstrom, Charlotte Russe and Agaci have announced the closing of physical locations or are completely going out of business.
Forever 21 was founded in Los Angeles, and rapidly expanded throughout the US to malls and stand-alone locations. The company assured fans “we don’t expect to exit any major markets in the US”, although they to plan to exit most of their international locations in Asia and Europe. Forever 21 will continue to operate in Mexico and Latin America.
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