Retail chain Forever 21 is the latest victim of the ongoing retail apocalypse.
The Los Angeles-based chain has filed for voluntary Chapter 11 bankruptcy protection, according to a statement posted on the company’s website.
“Essentially this allows Forever 21 to continue to operate its stores as usual, while the company takes positive steps to reorganize the business so we can return to profitability and refocus on delivering incredible styles and fashion you love for many years to come,” the statement said.
The statement stressed the bankruptcy did not mean Forever 21 was going out of business.
http://www.al.com/news/2019/09/forever-21-bankrupt-closing-178-stores.html
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