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.”
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.