Forever 21 Files for Bankruptcy

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