October 2019

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.