New Delhi: Fashion chain Forever 21, filed for Chapter 11 bankruptcy protection and announced that it will case operations in 40 countries. The company, that had over 800 stores across 57 countries will close nearly to 178 stores in the US and up to 350 globally.
“Forever 21’s restructuring will focus on maximizing the value of our U.S. footprint and shuttering certain international locations,” the company said in a statement.
It added,“As such, and as part of our filing, we have requested approval to close up to 178 stores across the U.S. 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 fashion chain was founded in Los Angeles on April 16, 1984 by husband and wife , Do Won Chang and Jin Sook Chang. It sell clothes for men and women, including plus size clothing for women. On its website, it also sells girls’ clothing and home/lifestyle products.