Forever 21 Files for Bankruptcy
Forever 21 Inc. filed for Chapter 11 bankruptcy protect late Sunday, joining the ranks of traditional retailers struggling mightily adapt in an era of online shopping. In a letter to customers posted on the retailer’s web site, the company said it had filed for Chapter 11 but stressed its stores remained open and it continued to operate. “As part of our filing, we have requested approval to close a number of stores across the U.S.,” the company said. “The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords. We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.” “We are confident this is the right path for the long-term health of our business. Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come,” it added. Further details of the filing could not immediately be learned. Forever 21 was founded in Los Angeles in 1984 by South Korean immigrant Do Won Chang and his wife. The specialty retailer began by selling women’sFollow WWD on Twitter or become a fan on Facebook.
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