Forever 21 Files for Bankruptcy
On Sept. 29, the American fashion
retailer filed for Chapter 11
bankruptcy protection in Delaware. In the official documents, Forever 21 reported
liabilities between $1 billion and $10 billion
owed to more than 100,000 creditors. They will reportedly close down 350 stores around
the world as a result, with a yet-to-be determined
number of stores closing in the United States. In a letter released to customers, Forever 21
said filing for bankruptcy was the “right path
for the long-term health of [their] business.” Forever 21, via statement They also reassured customers that stores
would continue to operate as normal
during the bankruptcy process. Forever 21, via statement