Retailer Forever 21 files for bankruptcy
- 2 weeks ago
Fashion retailer Forever 21 has filed for bankruptcy protection, mostly due to the rising competition and its own aggressive global expansion.
As questions were asked regarding the company’s future, the retailer announced it was going to shut 350 of it 800 stores worldwide in a first phase of restructuring the company.
In the latest blow to shopping malls and high streets grappling with a wave of retail failures, most locations in Asia and Europe have been earmarked for closure, along with up to 178 in the U.S.
The retailer has yet to determine how many stores in the U.S are to be closed as conversations with landlords still have not taken place and did not reveal as to how many jobs were at risk.
The company said it planned to focus on a “profitable core” and maintain a presence in the US cities in which it currently operates along with operations in Mexico and Latin America.
Source: Smart Trend Team