Forever 21 files for bankruptcy
Fashion retailer Forever 21 filed for Chapter 11 bankruptcy protection Sunday. The California retailer said it would close "most" of its stores in Asia and Europe and up to 178 stores in the U.S.
The company requested court protection from its creditors in a bid to stay in business
Stocks impacted: Forever 21 Inc.
The exact number of closures would be contingent on negotiations with landlords. Forever 21 said it would continue to honor gift cards, returns and exchanges. Forever 21, which said e-commerce made up 16 percent of its sales, saw its revenue drop to $3.3 billion last year, down from $4.4 billion in 2016. It expects the restructured company to bring in $2.5 billion in annual sales. So far this year, retailers in the United States have announced more than 8,200 store closings.
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