Forever 21 to close around 300 to 350 stores after filing for bankruptcy
Jun Ko, Sept. 30, 2019, 12:31 p.m.
On September 29th, Forever 21 filed for Chapter 11 bankruptcy and announced their plans to shut down their business overseas. The clothing chain will be closing around 300 to 350 stores worldwide, 178 being its U.S. locations. Most of their stores in Asia and Europe will be closed down, however, they currently plan on continuing their business in Mexico and Latin America.
They announced that they are still in discussion about which U.S. stores are to be closed down, however they also stated, "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."
Forever 21's Executive Vice President Linda Chang stated that filing for Chapter 11 bankruptcy is, "an important and necessary step to secure the future of our company, which will enable us to reorganize our business and reposition Forever 21."