Business

Forever 21 Declares Bankruptcy, Shuts Down 178 Stores

Forever 21 declaring bankruptcy is indeed very shocking news in the fashion business. The company was once one of the highest-grossing and fastest-growing fashion retail companies in America but now the news of Forever 21 filing for bankruptcy has really got us thinking. The fashion retailer reportedly is going to shut down 178 stores in the USA and on a global level they are closing about 350 stores.

Forever 21 issues a statement about declaring bankruptcy and 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.”

Corporate Bytes

The executive vice president of Forever 21 is Linda Chang. She has talked to The Times about the whole thing and said that the purpose behind this is slowing down things for a while. They are just hoping that shutting down a few stores for some time will help them get back on track and they can be open for business like before once again.

Even though there is a significant amount of fall in the number of stores worldwide, the online shopping site of Forever 21 will remain as it is. You can buy your products online without experiencing any kind of change. The decrease in the number of stores will affect several areas however, you can still buy products of Forever 21 because a significant amount of stores will still be open.

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Rakshanda Chandole

Rakshanda Chandole is a young writer and a social media enthusiast.

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