Forever 21 fashion chain files for bankruptcy
Updated : October 01, 2019 07:58:12 IST
Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim of its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.
The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.
Forever 21 was founded in 1984 and, along with other so-called fast fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s.
Published : September 30, 2019 07:51 AM IST