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Forever 21 Bankrupt, Closes Stores Across Asia
October 04, 2019
Forever 21, the teen destination for low price fashionwear, has now filed for Chapter 11 bankruptcy protection. This means that Forever 21 plans to reorganize its present structure of 800 global stores, of which 500 are in the US.
The Los Angeles based company announced that it is closing up to 178 stores in the US alone. It said that moving ahead, their focus would be to maximize the value of its US stores and shutter majorly in international locations, like Asia and Europe.
It is speculated that a shift in trend towards eco-friendly and long-term clothing has contributed to the decreasing footfall in their stores.
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