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.