The fast fashion chain grew a single California store into 800 locations worldwide, but it's struggling in step with shopping malls across the country.
LOS ANGELES — Forever 21, the fast fashion clothing chain anchoring shopping malls across the United States, filed for bankruptcy protection on Sunday, reporting more than $1 billion in liabilities.
The company, which began with a single store in the Highland Park neighborhood of Los Angeles in 1984, filed for Chapter 11 protection, allowing it to try to reorganize its debts and remain in business. That's less drastic than a Chapter 7 filing, which would have required the company to sell off its assets to pay its creditors.
In documents filed in U.S. Bankruptcy Court in Wilmington, Delaware, Forever 21 Inc. said it had liabilities between $1 billion and $10 billion owed to more than 100,000 creditors. It reported assets in the same $1 billion-to-$10 billion range.requested approval to close"a number of stores across the U.S."
pending discussions with landlords. It didn't say how many of its more than 500 U.S. stores might close, but it sought to reassure customers that"you will not see any changes in our stores, gift cards will continue to be accepted, and our policies, including returns and exchanges, remain the same." The New York Times reported that the company would end its operations in 40 countries, including Canada and Japan, and
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