Forever 21, once among America’s fastest growing fast-fashion retailers, files for bankruptcy

Forever 21 Shutterstock/freemind-production

Forever 21, the California-based chain which helped proliferate the “fast-fashion” trend, has filed for bankruptcy.
The company wrote in a letter to its customers on Sunday that Forever 21 inc. voluntarily applied for bankruptcy as part of a Chapter 11 filing.
Linda Chang, the company’s executive vice president, told the New York Times that the retailer would soon cease operations in 40 countries and close up to 350 stores globally.
The company will still operate in hundreds of locations across the US and maintain its online store.
The announcement comes after reports that Forever 21 had hired a team of advisers to seek out private equity support to refinance and restructure the beleaguered brand.
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Forever 21, an American mall mainstay which helped proliferate the “fast-fashion” trend, has filed for bankruptcy.

The company wrote in a letter to its customers on Sunday that Forever 21 inc. voluntarily applied for bankruptcy as part of a Chapter 11 filing. The company said the measure allows it to operate business as usual while taking steps to restructure the business. See the rest of the story at Business Insider

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