Popular fashion retailer Forever 21 files for Chapter 11 bankruptcy - Global News

Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim of its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.READ MORE: Calgary’s only Forever 21 location closes its doors
Story continues below The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors. Others like Payless ShoeSource and Charlotte Russe have shut down completely.The numbers bear out the crisis facing traditional retailers. So far this year, publicly traded U.S. retailers have announced they will close 8,558 stores and open 3,446, according to the global research firm Coresight Research. That compares with 5,844 closures and 3,258 openings in all of 2018.WATCH: Ariana Grande sues Forever 21 for $10 million

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September 30, 2019 at 09:20AM