Forever 21 fashion chain files for bankruptcy
Low-price fashion chain Forever 21, a
one-time hot destination for teen shoppers that fell victim to its own
rapid expansion and changing consumer tastes, has filed for Chapter 11
bankruptcy protection.
The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.
Forever 21 joins Barneys New York and Diesel USA in a growing list of
retailers seeking bankruptcy protection as they battle online
competitors.
Forever 21 was founded in 1984 and, along with other
so-called fast fashion chains like H&M and Zara, rode a wave of
popularity among young customers that took off in the mid-1990s.
But over the last year or so, fast fashion has fallen out of style.
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